Hancock Variable Annuity Simplified to Rival Funds

John Hancock Financial Services says it hopes to broaden the appeal of variable annuities by making them less like the complicated insurance products they've been and more like mutual funds.

Hancock's effort comes as many insurance companies have been raising prices on and adding restrictions to their variable annuity offerings.

"We are literally trying to create a new space here," said Tom Mullen, the chief marketing officer for John Hancock variable annuities, adding that the company's new product is being positioned to compete against mutual funds...

Financial Planning: Hancock Variable Annuity Simplified to Rival Funds