John Hancock Life Insurance, a unit of Manulife Financial, has launched a new current assumption single life and joint life products, Performance UL and Performance SUL.

According to John Hancock, the new products offer low-cost permanent death benefit protection with an added security of new extended guarantees. They will be the lowest cost permanent life insurance products in the company’s portfolio.

The new Performance UL and Performance SUL will not only provide permanent, affordable solutions to meet clients’ insurance needs but also offer with an opportunity to participate in efficient future investment returns.

In addition, the new products also offers clients with additional security by providing the downside protection of extended guarantees.

The company said that Performance UL and Performance SUL’s low premiums and new extended guarantees combined with efficient cash surrender values, provide an alternative to guaranteed UL and guaranteed SUL products.

Steve Finch, president of John Hancock Life Insurance, said: “With long-term interest rates near historic lows, there has never been a better time to buy a UL policy that offers flexibility and liquidity through cash values plus the potential for some upside if investment returns increase over time.

The new Performance UL and Performance SUL demonstrate John Hancock’s commitment to providing the right solution, at the right time.