Enhanced Accumulation IUL and expanded living benefits portfolio
Enhancing your sales opportunities
Unlock new ways to grow your accumulation life insurance sales! You can now offer even better retirement-income potential with Accumulation IUL — and expanded living-benefit options. Explore the details below.
See how the new Accumulation IUL offers standout value — for you and your clients
For clients seeking strong cash value growth potential and overall versatility, our new Accumulation IUL continues to help you stand out by offering:
Significant improvements in pay-to-retirement cases — giving clients an even better supplemental income solution
Enhanced income in short-pay designs — especially attractive for premium-finance cases
Revised Cash Value Enhancement rider — offering lower charges that lessen long-term policy drag
Increased IUL account parameters —allowing for greater cash value growth potential
New! Chronic Illness rider — providing additional coverage that grows with the death benefit to help protect against needing care in retirement
State approvals
Accumulation IUL 24 is approved in all states except New York and Guam.
Transition rules
May 24, 2024
If seeking an informal offer — the John Hancock home office must receive a Accumulation IUL 23 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 Accumulation IUL 23 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.
June 28, 2024 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).
Broaden your portfolio options with the Chronic Illness rider
Exciting news! Our new Chronic Illness rider is now available with Accumulation IUL and Accumulation VUL, in addition to Protection UL, Protection IUL and Protection VUL. It’s an ideal fit for clients concerned about the future cost of care and want the flexibility to control how benefits are used.
Few other carriers give clients the choice of three strong living-benefit options — our Long-Term Care, new Chronic Illness and Accelerated Death Benefit for Chronic Illness riders — to help them deal with the possibility of needing care in retirement. Work with your John Hancock representative to determine which option is best for your clients’ needs.
State approvals
The new Chronic Illness rider has been approved for sale on Accumulation IUL 24 and Accumulation VUL 21 in all states except New York, California, Guam and Puerto Rico.
THIS MATERIAL IS FOR INSTITUTIONAL/BROKER-DEALER USE ONLY. NOT FOR DISTRIBUTION OR USE WITH THE PUBLIC. Some riders may have additional fees and expenses associated with them. Refer to the product prospectus for additional information.
Insurance policies and/or associated riders and features may not be available in all states. Variable universal life insurance has annual fees and expenses associated with it in addition to life insurance related charges. Variable universal life insurance products are subject to market risk and are unsuitable as a short term savings vehicle. Cash values are not guaranteed and will fluctuate, and the policy may lose value. Variable life insurance is sold by product and fund prospectus, which should be read carefully. They contain information on the investment objectives, risks, charges and expenses of the variable product and its underlying investment options. These factors should be considered carefully before investing. The Chronic Illness rider allows for an acceleration of the death benefit when the insured is certified as chronically ill. The maximum monthly benefit amount is the lower of $30,000 or the IRS per diem limit for a given month. Accelerated benefit payments under this rider reduce the death benefit dollar for dollar by the accelerated amount and reduce the policy value proportionately. There is a monthly charge for this rider. The benefits provided by this optional rider are designed to be excludable from gross income under federal tax law; however, there might be situations in which the benefits or charges for this rider are taxable. This rider is not long-term care insurance. Loans and withdrawals will reduce the death benefit, cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Policies classified as modified endowment contracts may be subject to tax when a loan or withdrawal is made. A federal tax penalty of 10% may also apply if the loan or withdrawal is taken prior to age 59 1/2.
Insurance products 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 and securities offered through John Hancock Distributors LLC through other broker/dealers that have a selling agreement with John Hancock Distributors LLC, 197 Clarendon Street, Boston, MA 02116.
