John Hancock Insurance has launched an enhanced version of its flagship current assumption universal life product, Protection UL.

The enhancements provide more competitive premiums on all lump sum and single-pay scenarios, and will apply to all new business and inforce Protection UL ’13 policies.

John Hancock Insurance president Mike Doughty said that in addition to death benefit protection, the company’s innovative Protection UL product offers important flexibility through cash values that can help address consumers’ needs throughout their lives.

"And it’s now even more competitive with these recent changes," Doughty added.

According to the company, Protection UL is capable of delivering more value to the consumer in a low-interest rate environment compared to guaranteed universal life insurance policies.

The product also provides cash value growth potential as well as the security of lengthy guarantees, along with an affordable premium.

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Consumers can also add John Hancock’s recently improved Long-Term Care rider to the policy.