John Hancock Financial’s Fixed Product Unit has launched JH Essential Income, its latest fixed immediate annuity product, featuring free health and lifestyle information and an annual increase option to help offset inflation.

The Boston, Mass.-based insurer said the product features Family Resource Benefits, a series of discounts, referral services and programs to help clients and their families better understand and manage challenging care situations. The services include Seniorlink, a national eldercare program featuring information and advice on age-related care issues, and The Advantage List program, helping clients find competitive rates at more than 1,000 nursing homes and home health care agencies nationwide.

By electing the Annual Increase Option, clients can choose to have their initial income increase each year by 1% to 6%, depending on their choice. By structuring payments this way, John Hancock said, clients help reduce the impact of inflation as living expenses and the dollar amounts of their payments increase at the same time.

JH Essential Income also offers clients a lifetime of guaranteed income, income for a selected period of time, or a combination of both, the company said.

Ron McHugh, senior vice president and general manager of John Hancock Fixed Products, said individuals today are living longer, which adds to years of retirement, and “facing financial risks their parents and grandparents never anticipated.”

“JH Essential Income was specifically designed to support clients’ everyday expenditures and help them plan ahead for these risks that could so dramatically affect their retirement,” he said.