Dubbed as Accumulation VUL, the new solution will offer affordable death benefit protection along with the potential for cash value accumulation to support supplement retirement income, fund college or meet business planning needs.
The enhancement will enable client to opt from a diversified range of underlying investment accounts that represent nearly all major asset class and investment styles.
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Additionally, clients will be able to choose for the simplicity and automatic diversification through John Hancock’s Lifestyle MVP Portfolios.
According to the company, the new solution will also offer consumer’s access to John Hancock’s VUL TargetTrack allocation tool that enables clients to set an allocation schedule that will automatically change over time based on their policy needs and investment objectives.
John Hancock Insurance president Mike Doughty said: "With its tax-deferred cash value accumulation and tax-favored treatment of policy withdrawals, Accumulation VUL can be an important part of a client’s diversified financial strategy."
"John Hancock Insurance is always working to enhance its product portfolio to help clients secure their financial future," added Doughty.
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