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Withdrawals can begin at age 59 1/2.

John Hancock Life Insurance Co. has introduced Income Plus For Life, an optional lifetime withdrawal benefit that can begin as early as age 59 1/2. The initial annual income is 5% of the purchase payment, but the benefit base can increase by 6% for each year an owner does not take a withdrawal. The amount is guaranteed to double for those who wait the later of 10 years or age 70. The current cost of the benefit rider is 0.6% of the benefit base annually.

New Products is compiled by Senior Associate Editor Ron Panko.
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Author:Panko, Ron
Publication:Best's Review
Date:Jul 1, 2007
Words:97
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