John Hancock Life Insurance, a subsidiary of Manulife Financial, has launched a new current assumption life insurance product Protection UL.

The company said that the new Protection UL offers a low premium than other lifetime guaranteed universal life policies with an opportunity for cash value growth potential.

John Hancock Life Insurance president Steve Finch said that with interest rates staying near historic all time lows, we have seen the industry product cycle shifting away from lifetime guaranteed universal life products. At John Hancock, we see this as an opportunity to provide a new product that can deliver more value to the consumer.

"Our low-cost Protection UL product offers important flexibility through cash values as well as the opportunity for policy performance to improve if crediting rates later increase. At the same time, the policy offers consumers the certainty of a minimum period of coverage. In total, we think this is a compelling package in the marketplace," Finch said.

John Hancock offers a range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance.