John Hancock Insurance today announced that it has launched a redesigned indexed universal life insurance product -- Accumulation IUL.

The redesigned product provides strong death benefit protection and significant cash value accumulation potential that can help consumers supplement their retirement income and meet other financial goals.

"Nearly 80 million baby boomers are preparing to exit the workforce over the next 20 years," said Mike Doughty, President, John Hancock Insurance. "They want to protect their family’s financial well-being today, but are also increasingly concerned about maintaining their current lifestyles or running the risk of outliving their savings in retirement."

He added that innovative and attractive product solutions like Accumulation IUL are designed to maximize cash value accumulation and help consumers be better prepared to meet future goals.

Accumulation IUL offers downside protection but with the potential for growth through returns linked to the index. The product features a simple and straightforward design with the flexibility of three indexed allocation options.

"John Hancock is dedicated to delivering products that are among the best and most competitive in the industry — offering flexibility, value and protection to consumers, as well as more competitive offerings for our distribution partners," Mr. Doughty said.