John Hancock also created new underlying portfolios, called the Lifestyle PS Series, for exclusive use with the new Income Plus For Life optional rider. The diversified portfolios were designed specifically for use with an automated asset transfer process under the rider.
The firm’s proprietary process, the Portfolio Stabilization Process, is designed to help limit equity exposure in response to decreases in contract value during periods of market volatility, a press release said.
“We are pleased to increase the competitiveness of our products without increasing our optional rider fees,” said Marc Costantini, President, John Hancock Annuities. “As interest has grown in risk-managed retirement solutions, our new product enhancements provide real client value while also helping us balance the risks that volatile markets potentially could have on a client’s retirement savings and the benefits we provide.”