John Hancock Releases New Protection VUL
From John Hancock:
clients seeking guaranteed death benefit protection that is cost effective, customizable and includes access to robust living benefits, our new Protection VUL offers it all — and more.
What's New?
Customizable no-lapse guarantee, giving more flexibility to meet specific goals, with:
Basic Death Benefit Protection (DBP) rider — available at no additional cost and optimized to extend guarantees to age 80
Enhanced Death Benefit Protection rider — can extend no-lapse guarantee coverage to ages 80-100, with 10% premium charge deducted from policy value if elected
8% reduction on endow solves on average
9% increase on target premiums on average
Plus, Protection VUL 23 continues to offer your clients several additional advantages, including:
Support to help them live a longer, healthier life and the unique opportunity to lower their guaranteed premium without sacrificing their guarantee duration by engaging in the John Hancock Vitality PLUS Program
Comprehensive tax-qualified LTC coverage that can provide access to the death benefit and may offer a viable solution in an evolving state tax law landscape
Diversified growth opportunities with access to more than 55 fund options covering both equity and fixed-income markets, including US and international assets — with no fund restrictions to maintain the guarantee
Easy policy management with LifeTrack, an industry-first tool that can help you and your clients keep their policies on track to meet their coverage objectives
Transition Rules for Protection VUL 21
January 20th, 2023 Deadline:
If seeking an informal offer — the John Hancock home office must receive a Protection VUL 21 illustration signed by the insured and owner, and a tentative underwriting decision must be obtained by this date
If seeking a formal offer — the John Hancock home office must receive a Protection VUL 21 application signed by the insured and owner by this date. An illustration on the case is also required
For a term conversion — the John Hancock home office must receive a term-conversion application signed by the insured and owner by this date
March 17th, 2023 Deadline:
By this date, John Hancock must have provided a final underwriting offer, received all administrative requirements to issue the policy and received confirmation to proceed with the 1035 exchange (if applicable)