John Hancock Offers Quarterly GLWB Step-Ups
June 17, 2008
John Hancock Annuities has increased the frequency of the step-up feature on its Income Plus for Life variable annuity guaranteed withdrawal benefit from annually to quarterly and added several new subaccount options.
Step-up options allow variable annuity contract owners to increase their guaranteed income base when their account values rise.
Contract owners who buy John Hancock annuities on or after June 16, 2008, and elect Income Plus for Life can step up their income base every quarter of each contract year up to age 95.
Income Plus For Life provides guaranteed lifetime income as early as age 59½. The rider fee for a single life is 75 basis points a year (70 bps in New York) and may increase after step-ups to a maximum of 120 basis points.
John Hancock Financial's primary insurance subsidiaries carry a AAA financial strength rating (the first of 21 categories) from Standard & Poor's Ratings Services.
The three new subaccount options include Dimensional Fund Advisors (DFA) Disciplined Diversification (65%-70% equities, 30%-35% fixed income), T. Rowe Price Capital Appreciation Value 50%-70% equities, 30%-50% fixed income), and Wellington Management Core Allocation Plus (60%-75% equities, 25%-40%).
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