Effective January 3, 2012, UL-G 11 and SUL-G 11 (guaranteed products) will be repriced with premium increases of 12% at most issue ages. The new products are set to launch as UL-G 12 and SUL-G 12. Target premium levels will be increasing proportionally with the premium increases.
The Cash Value Advantage (CVA) rider will not be available on the new product. Going forward, consider John Hancock's Premier Life product for clients seeking guaranteed death benefit and strong cash values.
Illustration system updates reflecting the new pricing will be released January 3, 2012.
New Business and Underwriting Information:
By January 13, 2012
John Hancock home office has received:
- A signed UL-G 11 or SUL-G 11 illustration and has made a tentative underwriting decision
- An application for UL-G 11 or SUL-G 11 signed by the Insured and Owner (note: in cases where trusts are involved, the minimum requirement by January 13th is the insured's signature). An Illustration on the case must also have been received by John Hancock as of January 13, 2012.
By March 2, 2012
- John Hancock has provided a final underwriting offer and received all administrative requirements to issue the policy.
Download the product flyer here.