John Hancock Insurance has "re-engineered" its term life insurance product, which is aimed at changing consumers’ perceptions that life insurance is too expensive.
The provider said the product features significantly lower premiums in core market segments and face amounts beginning at $250,000.
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John Hancock Term continues to offer guaranteed protection for 10-, 15- or 20-year durations and includes a flexible conversion option allowing clients to convert to one of the company’s permanent life policies should their needs change.
Michael Doughty, president, John Hancock Insurance, 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."
Coinciding with this product launch, John Hancock has added "UCheck" to its illustration system, UCheck is a new interactive tool to help insurers quickly and easily estimate the risk class of their term life customers.
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By GlobalDataJohn Hancock Financial is a division of Manulife, a Canada-based financial services group with principal operations in Asia, Canada and the United States.
