PRODUCT ALERT – John Hancock Protection Whole Life Announcement
John Hancock Product Announcement
September, 2010 – Effective September 20, 2010, sales for Protection Whole Life will be suspended temporarily. We are not currently able to offer this product due to the ongoing low interest rate environment. John Hancock continues to offer a suite of universal, variable and term life insurance products designed to be the most competitive in the industry. When combined with John Hancock’s excellent service and support, you have the resources to meet your clients’ needs.
New Business and Underwriting Information
Protection Whole Life will not be offered in any states. In order to provide a transition period, the following criteria must be met:
By October 15, 2010
John Hancock home office has received a signed illustration and made a tentative underwriting decision.
OR
John Hancock has received an application for Protection Whole Life signed by the Insured and Owner (note that in cases where trusts are involved, the minimum requirement by October 15th is the insured’s signature). An illustration on the case must also have been received by John Hancock as of October 15, 2010.
By December 17, 2010
John Hancock has provided a final underwriting offer and has received all administrative requirements to issue the policy.
