John Hancock introduces VUL policy that offers superior cash value and retirement income potential to pre-retirees
John Hancock Life Insurance has introduced its new Accumulation VUL product, a variable universal life (VUL) policy that reportedly offers superior cash value and retirement income potential to pre-retirees.
According to the company, the variable universal life policy is ideal for a variety of applications including: Supplemental Retirement Income, Bonus Plans, Deferred Compensation Plans and Supplemental Executive Retirement Plans.
John Hancock said that policy owners may choose from a broad array of underlying investment accounts that represent nearly every major asset class and investment style; or they may opt for the simplicity and automatic diversification offered by the Lifestyle Portfolios. In either case, they’ll benefit from tax-deferred growth of policy values and tax-favoured treatment of
policy withdrawals.
Additionally, John Hancock has announced that it is temporarily offering expanded Dollar Cost Averaging options to allow transfers out of the fixed account through December 31, 2010 and increasing the current fixed account crediting rate by 2% through December 31, 2009 on the new Accumulation VUL.
Steve Finch, president of John Hancock Life Insurance, said: Accumulation VUL is an excellent choice for clients who need to provide for family or business financial obligations but who are also looking for a source of supplemental retirement income. In these challenging markets, the enhanced Dollar Cost Averaging and fixed account feature can also offer clients a secure option while still providing opportunity for accumulation through the equity markets.