John Hancock Majestic Product Portfolio

Transcription

1 John Hancock Majestic Product Portfolio Majestic VULX... 2 Majestic Survivorship VULX... 3 Majestic ULX... 4 Majestic Performance IUL... 5 Majestic Variable COLIX... 6 Page 1 of 7. Not Valid without all Pages

2 Majestic VULX Variable Universal Life Product 0-90 Age Nearest Birthday Risk Classes Superpreferred (20-80). Preferred Nonsmoker (20-90), Standard Nonsmoker (0-90), Preferred Smoker (20-90), Standard Smoker (20-90), Substandard (0-90). Flat dollar ratings on preferred and standard classes Guideline Premium Test (GPT) and Cash Value Accumulation Test (CVAT) Minimum Initial Premium (MIP) Annual MIP = 10% of All Base Target Premium $250,000, of which the Base Face Amount (BFA) must be at least $100,000 Death Benefit Guarantee 1 Early Lapse Protection (ELP): The ELP provides lapse protection to the Base Face Amount (BFA) for the first 15 policy years provided the cumulative premium requirements have been met. The maximum of the total account value minus one year s charges and one year s worth of loan spread or 90% of the net cash surrender value Loan Rate Charged Fixed Loan Interest Rate Years Guaranteed Guaranteed % 4.25%(4.50% in NY) 1.25% 1.25% (4.50% in NY) % 3.25% 0.00% 0.25% 4 x s BFA at issue (8x s BFA after issue) SFA Level, increasing, specified schedule Riders & Features Available 2 Vitality Program Early Lapse Protection Accelerated Benefit Rider Long-Term Care Rider 5 Premium Charge *Carry-over into year 2 Base Face Amount Charge Asset Based Risk Charge (ABRC) *charges shown as monthly rate Cost Of Insurance Charge Other: Asset Credit (monthly) Up to Target Excess Up to Target Excess 1 15% 9% 20% 12% % 5% 10% 7% 11+ 4% 4% 6% 6% : None Per 1000 charge for 10 years. Varies by sex, issue age, and underwriting class If 100% BFA at Issue If Max Blend at Issue % 0.025% 0.145% % 0.025% 0.145% % 0.020% 0.064% : monthly mortality charges based on NAR, varies by age, gender, smoking and underwriting class Guaranteed: 2001 CSO Mortality, sex distinct and unismoke None % % 16+ (through age 120) % % Page 2 of 7. Not Valid without all Pages

3 Majestic Survivorship VULX Survivorship Variable Universal Life Product Age Nearest Birthday Risk Classes Superpreferred (20-80). Preferred Nonsmoker (20-90), Standard Nonsmoker (20-90), Preferred Smoker (20-90), Standard Smoker (20-90), Substandard (20-90). Flat dollar ratings on preferred and standard classes Guideline Premium Test (GPT) and Cash Value Accumulation Test (CVAT) Minimum Initial Premium (MIP) Annual MIP = 10% of All Base Target Premium $250,000, of which the Base Face Amount (BFA) must be at least $100,000 Death Benefit Guarantee 1 None The maximum of the total account value minus one year s charges and one year s worth of loan spread or 90% of the net cash surrender value Loan Rate Charged Fixed Loan Interest Rate Years Guaranteed Guaranteed % 4.25% (4.50% in NY) 1.25% 1.25% (1.50% in NY) % 3.25% 0.00% 0.25% Supplemental Face Amount 4 x s BFA at issue (8x s BFA after issue) SFA Level, increasing, specified schedule Riders & Features Available 2 Enhanced Cash Value Rider (ECV) enhances surrender value for the first 9 years; defers compensation; Premium Charge *Carry-over into year 2 (except in NY) ECV Rider Charge Face Amount Charges Asset Based Risk Charge (ABRC) *charges shown as monthly rate Cost of Insurance Charges PSO Rider Charge (if elected) not payable on 1035 exchange; not available with GPT. Policy Split Option Rider (PSO) Estate Preservation Rider (EPR) Enhanced Yield Fixed Account Guaranteed Years Up to Target Excess Up to Target Excess 1 30%* 8% 30%* 10% % 4% 15% 6% % 4% 10% 6% 11+ 3% 3% 5% 5% 2% of the premium paid up to target in year 1, no charge in year 2 unless carry-over is in effect. : None Per 1000 charge for 10 years. Varies by BFA, SFA, and sum of issue ages Guaranteed Year If 100% BFA at Issue If Max Blend at Issue % 0.025% 0.145% % 0.025% 0.145% % 0.020% 0.084% : monthly mortality charges based on NAR,varies by age, gender, smoking and underwriting class of each life insured Guaranteed: 2001 CSO Mortality Table, sex and smoker distinct : $0.0625/$1000 of total face amount deducted monthly Guaranteed: Same None Page 3 of 7. Not Valid without all Pages

4 Majestic ULX Universal Life Product 0-90 Age Nearest Birthday Risk Classes Superpreferred (20-80). Preferred Nonsmoker (20-90), Standard Nonsmoker (0-90), Preferred Smoker (20-90), Standard Smoker (20-90), Substandard (0-90). Flat dollar ratings on preferred and standard classes Guideline Premium Test (GPT) and Cash Value Accumulation Test (CVAT) Minimum Initial Premium (MIP) Annual MIP = 10% of an all base target Persistency Bonus Nonguaranteed, Persistency Bonus beginning in year 11 (0.75%) $250,000, of which the Base Face Amount (BFA) must be at least $100,000 Death Benefit Guarantee 1 None The maximum of the total account value minus one year s charges and one year s worth of loan spread or 90% of the net cash surrender value. Variable loan rate as declared. Variable Loan Interest Rate (Based on Moody s Corporate Years Guaranteed Bond Index) % 1.25%(1.50% in NY) % 0.25% 4 x s BFA at issue (8x s BFA after issue) SFA Level, increasing, specified schedule Riders & Features Available 2 Performance Rider Optional rider for low cost death benefit solves. (Not available with Return of Premium Load *Carry-over into year 2 (except in NY) ECV Rider Charge Face Amount Charges Cost of Insurance Charges Premium Death Benefit Rider or Enhanced Cash Value Rider) Enhanced Cash Value Rider (ECV) enhances surrender value for the first 9 years; defers compensation; not payable on 1035 exchange; not available with GPT Accelerated Benefit Rider Guaranteed Years Up to Target Excess Up to Target Excess 1 20%* 6% 22%* 9% % 5% 10% 8% 11+ 4% 3% 6% 6% 2% of the premium paid up to target in year 1, no charge in year 2 unless carry-over is in effect. : None Per 1000 charge for 10 years. Varies by BFA, SFA, sex, issue age, and underwriting class : monthly mortality charges based on NAR, varies by age, gender, smoking and underwriting class of each life insured Guaranteed: 2001 CSO Mortality Table, sex distinct and unismoke None Page 4 of 7. Not Valid without all Pages

5 Majestic Performance IUL Indexed Universal Life Product 3 months-90 Age Nearest Birthday Risk Classes Superpreferred (20-80). Preferred Nonsmoker (20-90), StandardPlus (20-90), Standard Nonsmoker (0-90), Preferred Smoker (20-90), Standard Smoker (20-90), Substandard (0-90). Flat dollar ratings on preferred and standard classes Cash Value Accumulation Test (CVAT) Minimum Initial Premium (MIP) Premium amount required to issue the policy and keep it in force for the first policy month Persistency Bonus Nonguaranteed, Persistency Bonus beginning in year 11 (0.65%) $100,000, of which the Base Face Amount (BFA) must be at least $100,000 Death Benefit Guarantee 1 The No-Lapse Guarantee, called Death Benefit Protection, guarantees that the policy will not default during the NLG period, provided certain requirements are met. Policy loans are available at any time after the policy is in force Index Loans are available after policy year three Minimum loan is $500, Maximum loan is the policy s Cash Surrender Value at time of request, less any Loans existing policy debt, less Monthly Deductions through the remainder of the Policy Year, all multiplied by one minus the rate of Loan Interest Charged for an Index Loan. Loan interest may be higher for Index Loans Loan option changes are permitted once a year (on the Policy Anniversary) Variable Loan Interest Rate (Based on Moody s Corporate Years Guaranteed Bond Index) % 1.25%(1.50% in NY) % 0.25% SFA is limited to 40% of the Total Face Amount at Issue SFA Level, specified schedule Riders & Features Available 2 Vitality Program Cash Value Enhancement Rider (CVE) Premium Load *Carry-over into year 2 (except in NY) Disability Payment of Specified premium (DPSP) Accelerated Benefit Rider Long Term Care Rider (LTC) 5 Quit Smoking Incentive Years Up to Target Excess %* 7% % 7% Face Amount Charges Cost of Insurance Charges Advance Contribution Charge : $15 Per 1000 TFA charge for 10 years. Varies by BFA, SFA, sex, issue age, and underwriting class : monthly mortality charges based on NAR, varies by age, gender, smoking and underwriting class of each life insured Guaranteed: 2001 CSO Mortality Table, sex distinct and unismoke A is deducted in the event of a full surrender, and is charged on a pro-rata basis for a withdrawal that results in a Base Face Amount decrease. rates vary by issue age, gender, face amount, premiums paid and policy duration The charge grades down monthly over 10 years and is 0% in years 11 and after An Advance Contribution Charge is assessed on each monthly processing date when the cumulative premiums paid exceed the Advance Contribution Limit times the Policy Year The Advance Contribution Charge rates and Advance Contribution Limit are both shown in the policy contract Page 5 of 7. Not Valid without all Pages

6 Majestic Variable COLIX Variable Universal Life for the COLI Market (Product available for corporate owned or corporate sponsored policies only, not for individual sales) GI: Fully U/W: Risk Classes GI: Nonsmoker, Smoker; Fully U/W: SuperPref NS, Pref NS, Standard NS, Standard S, Substandard Cash Value Accumulation Test or Guideline Premium Test Minimum Initial Premium Annual MIP= 10% of a 7-pay premium $100,000 of which the BFA must be $50,000 Death Benefit Guarantee 1 None Is the maximum of the total account value minus one year s charges and one year s worth of loan spread or 90% of the net cash surrender value. Loan Rate Charged Fixed Loan Interest Rate Years Guaranteed Guaranteed % 3.75% (4.00% in NY) 0.75% 0.75% (1.00% in NY) % 3.25% 0.00% 0.25% 9 x BFA at issue SFA Level, increasing, specified schedule Riders & Features Available 2 Deducted from Account Value Accelerated Benefit Rider (individual owned only) Deferred Premium Charge 4 All Premium All Premium % 13% 21+ 6% 9% Asset Based Risk Charge If 100% BFA at Issue If Max Blend at Issue (ABRC) % % % *charges shown as monthly rate % % % % % % : $0/month Base Face Amount (BFA) Charge Cost of Insurance Charge Replacement Fee Guaranteed: $15/month : Non-level charge per $1000 of Base Face Amount at issue for the first 10 policy years. Rate varies by issue age, sex, risk class, and policy duration. Deducted monthly. Guaranteed: Also varies by issue age, sex and risk class, but a level charge over the first 10 policy years. : monthly mortality charges based on NAR Guaranteed: 2001 CSO Mortality Tables, sex distinct Imposed for the first 10 policy years if policy surrenders in connection with a replacement policy, including those intended to qualify as a tax-free exchange under Section 1035 of the IRC. The fee is a percentage of the premiums received in the first policy year that do not exceed the Replacement Fee Calculation Limit stated in the policy. Page 6 of 7. Not Valid without all Pages

7 1. Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the life insurance company issuing the life insurance contract. 2. Some riders may have additional fees and expenses associated with them. Refer to the product prospectus for additional information. 3. The Return of Premium Death Benefit Rider is available only at issue with a Level Death Benefit option. 4. The amount of an annual premium charge is calculated by applying these rates to all premiums paid in that policy year. However, the premium charge is deducted monthly over 10 policy years in 120 equal monthly payments, beginning in the first month of the policy year following the premium payment. For example, for a premium payment of $12,000 in policy year 1, the $1,200 premium charge is spread out as 120 equal monthly payments of $10, starting in month The Long-Term Care (LTC) rider is an accelerated death benefit rider and may not be considered long-term care insurance in some states. There are additional costs associated with this rider. The Maximum Monthly Benefit Amount is $50,000. When the death benefit is accelerated for long-term care expenses it is reduced dollar for dollar, and the cash value is reduced proportionately. [Please go to to verify state availability]. Loans and withdrawals will reduce the death benefit, cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Policies classified as modified endowment contracts may be subject to tax when a loan or withdrawal is made. A federal tax penalty of 10% may also apply if the loan or withdrawal is taken prior to age 59 1/2. Insurance policies and/or associated riders and features may not be available in all states. Variable universal life insurance has annual fees and expenses associated with it in addition to life insurance related charges. Variable universal life insurance products are subject to market risk and are unsuitable as a short term savings vehicle. Cash values are not guaranteed and will fluctuate, and the policy may lose value. This material is for Institutional / Broker-Dealer use only. Not for distribution or use with the public. Please contact , option 2-1 to obtain product and fund prospectuses or if you are interested in obtaining a selling agreement with John Hancock Distributors LLC (for New York, contact , option 2-1). The prospectuses contain complete details on investment objectives, risks, fees, charges and expenses as well as other information about the investment company. Please advise your clients to carefully read the prospectuses which contain this and other information on the product and the underlying portfolios, and consider these factors carefully before investing. Product and/or product features may not be available in all states. Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.) (not licensed in New York), Boston, MA and John Hancock Life Insurance Company of New York, Valhalla, NY Securities are offered through John Hancock Distributors LLC through other broker/dealers that have a selling agreement with John Hancock Distributors LLC, 197 Clarendon Street, Boston, MA If you have any questions, please contact M Products & Marketing at , option 2-1. MLINY Page 7 of 7. Not Valid without all Pages