John Hancock Financial has launched “JH Signature,” a modified guaranteed annuity designed to provide a combination of ‘rate for term’ choices, guaranteed interest rates, and support services to help manage eldercare situations.
“We believe the JH Signature fixed annuity is an excellent addition to the strong, highly competitive John Hancock product portfolio in the marketplace,” said Ron McHugh, Senior Vice President and General Manager, John Hancock Fixed Products.
“JH Signature Fixed Annuity offers safety and security to clients as well as competitive rates and tax deferred growth backed by the financial strength of one of the most highly rated insurance companies in the industry.”
Investors can choose either a 3-, 5-, 7-or 10-year period with a matching withdrawal charge schedule. The minimum premium is $25,000, with higher interest rates for premiums above $50,000 and $100,000, respectively.
Contract owners can take withdrawals or surrender the contract during the guarantee period, but withdrawals greater than the interest credited over the previous 12 months would be subject to a withdrawal charge and a market value adjustment (MVA). The MVA, based on a formula which responds to interest rate movements, can be positive or negative.
JH Signature also offers the Family Resource Benefits, which offers professional health and lifestyle information at no additional charge. This includes discounts, referral services and programs to help clients and their families better understand and manage challenging eldercare situations.
John Hancock Financial is a unit of Canadian-based Manulife Financial Corporation, a leading Canadian-based financial services group. Funds under management by Manulife Financial and its subsidiaries were Cdn$421 billion (US$362 billion) as at June 30, 2009.
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