Annual Increase Option is likely to reduce the impact of inflation

The Fixed Products unit of Canada-based John Hancock Financial, a unit of Manulife Financial, has introduced a fixed annuity product – JH Essential Income. Manulife Financial is a provider of life insurance, fixed and variable annuities and other forms of business insurance.

According to John Hancock, JH Essential Income comes with Family Resource Benefits, which is expected to offer professional health and lifestyle information. The services include: Seniorlink – an eldercare program that offers information and advice on age-related care issues, Advantage List program, and Annual Increase Option – which is likely to reduce the impact of inflation.

Ron McHugh, senior vice president and general manager, John Hancock Fixed Products, said: “JH Essential Income was specifically designed to support clients’ everyday expenditures and help them plan ahead for these risks that could so dramatically affect their retirement.”

JH Essential Income Annuity also offers clients a lifetime of guaranteed income, income for a selected period of time, or a combination of both, said the company.