Universal life insurance

Universal life insurance is permanent insurance that provides lifetime protection and cash value accumulation potential. Changes will happen over the course of your life and universal life insurance can offer you the opportunity to change with it. This product's flexible design allows you to customize the timing and amount of premium payments to meet your needs now and in the future.

Before you purchase a universal life insurance policy, you may want to consider the following:

  • The amount and frequency of your premium payments can be adjusted within certain limits.
  • Your policy's account value grows based on a credited interest rate that can change.
  • You can access money from the policy via withdrawals and loans. However, this will decrease the cash value and death benefit if the amount borrowed is not repaid.
Loans and withdrawals will reduce the death benefit and the 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. Withdrawals in excess of the cost basis (premiums paid) will be subject to tax and certain withdrawals within the first 15 years may be subject to recapture tax. Additionally, 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.

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Term vs. permanent life insurance

Click this quick reference chart
to help you understand the
value of both.


Insurance policies and/or associated riders and features may not be available in all states. Insurance products are issued by John Hancock Life Insurance Company (U.S.A),197 Clarendon Street, Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, 100 Summit Lake Drive, 2nd floor, Valhalla, NY 10595.