Manulife subsidiary John Hancock Insurance has introduced a new term life insurance product, in a bid to provide an affordable protection to consumers.
Starting with face amounts of $250,000, John Hancock Term will allow consumers to plan for the unexpected and protect their individuals.
John Hancock Insurance president Michael Doughty said: "According to a recent industry survey, eighty-six percent of consumers who believe they need life insurance haven’t purchased it because they think it’s too expensive.
"We’ve redesigned our term insurance to help change these perceptions and make it financially easier for more consumers to take that important step toward protecting their future."
The new term life insurance product will provide protection for 10, 15 or 20-year durations, according to John Hancock.
Based on the varying needs of its clients, it will also provide a flexible conversion option helping them to convert to one of the company’s permanent life policies.
The company also added a new interactive tool ‘UCheck’ to its illustration system that will allow producers to quickly and easily estimate the risk class of their term life customers.
In addition, John Hancock provides a wide range of diverse permanent insurance products such as universal life insurance, indexed universal life insurance and variable universal life.
Image: John Hancock’s new term life insurance product provides protection for 10, 15 or 20-year durations. Photo: courtesy of cooldesign/ FreeDigitalPhotos.net.