BOSTON--John Hancock today introduced a new, highly competitive variable universal life policy for small- to mid-sized businesses, called Performance Executive Variable Life (VL). The product focuses on high early cash values and offers strong cash value accumulation. It has an outstanding selection of investment options, and benefits and features that are among the most comprehensive in the industry.
"John Hancock is committed to delivering products that lead the market in price, performance, customer service and quality," says James M. Benson, senior executive vice president at John Hancock. "We want to be the top provider of protection products in the United States.
Performance Executive VL expands our top-performing product portfolio, and offers an excellent solution to meet the needs of businesses and individuals." Performance Executive VL is designed for both multi-life and individual cases, and clients who are willing to assume market risk with their insuranceand non-qualified benefit funding.
The product provides immediate death benefit protection along with an excellent means for funding non-qualified deferred compensation and bonus plans for key employees. It also is appropriate for business succession planning. Individuals looking to generate supplemental retirement income and provide income for estate liquidity or a surviving heir will find the product attractive as well.
The product offers key features to meet business' unique requirements, including:
* High early cash values and no surrender charges, which minimize charges to earnings and are attractive to a business' balance sheet.
* The option to use an enhanced cash value rider to attain even higher early surrender values.
* An outstanding selection of investment options managed by internationally recognized fund managers with sophisticated investment strategies. Clients decide how to invest their premiums among the variety of diversified options.
* Guaranteed and Simplified issue classes for multi-life cases to expedite the underwriting process. Fully underwritten classes, including super preferred, also are offered.
* Disability Payment of Specified Premium Rider, which provides payment of the policy's planned premium if the insured becomes disabled. John Hancock pays future premiums, within certain limits, until the client is able to resume payments.
* High early policy values to provide the collateral needed in the large estate planning single-life market.
Performance Executive VL has a minimum face amount requirement of $100,000. For producers, the product offers attractive compensation. The product is administered on a state-of-the-art multi-life administration platform that provides group as well as individual billing and reporting.
Performance Executive VL complements Performance Executive UL, which targets small to medium firms that would rather not take market risk with their insurance and non-qualified benefit funding.
Source: John Hancock
