John Hancock Life Insurance, a unit of Manulife Financial, has introduced Protection SUL, a new survivorship current assumption life insurance product, completing its single life offerings, Protection UL.

According to John Hancock, Protection SUL offers clients a lower premium and also provides the opportunity for cash value growth potential and the security of lengthy guarantees.

In addition, Protection SUL offers a variety of riders and features to further address the business and personal insurance needs such as estate preservation rider; policy split option rider and return of premium rider.

John Hancock Life Insurance president Steve Finch said Protection SUL also provides a significant estate planning opportunity with the recently passed tax act offering a two-year window to leverage increased exemption amounts with gifts.