John Hancock Introduces Life Insurance with Optional Long-Term Care Protection to Employers

Rhea-AI Summary

John Hancock introduces new Premier Benefit Indexed Universal Life (IUL) insurance product with optional long-term care protection for employers.

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• Streamlined digital process for employees to receive instant offer for coverage.
• Complete portability as employees fully own their policy.
• Income tax-free growth potential tied to S&P-linked indexed account and Fixed Account.
• Opportunity to participate in Vitality PLUS rider for savings and rewards.
• Designed to help satisfy a broad range of employer and employee goals.

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• None.

TSX/NYSE/PSE: MFC SEHK: 945  

BOSTON, Sept. 25, 2023 /PRNewswire/ - Today, John Hancock, a unit of Toronto-based Manulife, announced the launch of a new Premier Benefit Indexed Universal Life (IUL) individual product in the voluntary benefit employer space. This new permanent life insurance product, available through the workplace, offers a streamlined digital process for employees to receive an instant offer for personally owned coverage.* If available through their employer, employees may choose to enhance their protection with optional rider coverage for long-term care needs. Additionally, all policies will be issued with John Hancock's industry-leading Vitality PLUS** rider, which offers savings and rewards for the everyday things people do to live longer, healthier, better lives.

"At John Hancock, we're committed to helping more customers secure the financial protection they need and to realize the many life-changing benefits of the John Hancock Vitality Program," said Neal Kerins, Vice President of Product Development, John Hancock. "As companies look to retain talent in today's competitive job market, we saw an opportunity to offer an employee a very attractive option for their personal protection needs."

This new product offering is designed to help satisfy a broad range of employer and employee goals while providing value throughout the life of the policy. Features include:

• A fully digital application process from start to finish;
• Complete portability as employees fully own their policy;
• Income tax-free growth potential tied to the performance of one S&P–linked indexed account and a Fixed Account;
• Optional long-term care protection that offers supplemental coverage that allows employees to accelerate their policy's death benefit in the event of a long-term care need; and
• Opportunity to participate in Vitality PLUS**, which combines the financial protection of life insurance with a technology-enabled program that offers education, support, incentives, and rewards designed to help customers live healthier.

"In this age where you can get anything from groceries to a mortgage electronically, it's important we offer that level of ease and convenience to our customers through a fully digital application process," continued Kerins. "We're committed to making it easier for our customers to obtain the quality life insurance they need to help protect their families and reach their long-term financial goals."

Learn more about John Hancock at johnhancock.com/life-insurance.

About John Hancock and Manulife

John Hancock is a unit of Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.

One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities. John Hancock also supports US investors by bringing leading investment capabilities and retirement planning and administration expertise to individuals and institutions. Additional information about John Hancock may be found at johnhancock.com.

*Policy issuance is not guaranteed as any life insurance purchase is subject to completion of an application, which may include health questions, and underwriting approval. John Hancock may obtain additional information, including medical records, to evaluate the application for insurance; and after the policy is issued, to identify any misrepresentation in the application.

** The John Hancock Vitality PLUS rider has a fee of $2 per month and can be discontinued at any time. If the John Hancock Vitality PLUS rider is not included, the John Hancock Vitality GO rider, which provides a limited suite of rewards and incentives, is included at no additional cost.

Insurance policies and/or associated riders and features may not be available in all states. Some riders may have additional fees and expenses associated with them.

The life insurance policy describes coverage under the policy, exclusions and limitations, what must be done to keep the policy inforce, and what would cause the policy to be discontinued.

Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock. John Hancock Vitality Program rewards and discounts are available only to the person insured under the eligible life insurance policy, may vary based on the state where the policy was issued, are subject to change and are not guaranteed to remain the same for the life of the policy.

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

Policy Form Series: ICC23 23PBIUL; 23PBIUL

MLINY091823278-1

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SOURCE John Hancock