John Hancock Life Insurance has introduced a current assumption universal life insurance product, offering permanent death benefit coverage with a 10-year extended no-lapse guarantee.

The insurer’s new Performance UL product also offers a cash value enhancement rider, helping reduce the charge to business earnings of an employee benefit or business succession plan when the policy is owed by a corporation, the company said.

The new product remains very competitive at older ages, according to John Hancock, but also appeals to younger clients seeking affordable death benefit protection, as it addresses a variety of personal and business insurance needs, including estate planning and income protection for families.

The 10-year no-lapse guarantee protects the policy from default should the cash surrender value fall to zero and LifeCare and LifeCare Max riders provide clients death benefit acceleration or continuation to help pay for long term care expenses, according to the company.

“The new Performance UL demonstrates John Hancock’s dedication to providing competitive, affordable permanent life insurance products to a broad range of clients, at a time when they need it most,” said Steve Finch, president of John Hancock Life Insurance, in a statement. “Performance UL also is an excellent alternative to a traditional guaranteed product since it offers some of the most competitive premiums in the industry.”