2004 News Releases

-- Rider Provides Multiple Levels of Death Benefit Protection That Can Add Value in Rising and Falling Markets --

Boston– Providing retirement-aged clients with more affordable death benefit protection, Manulife USA introduced the new Triple Protection (T-Pro) Rider¹ for use with their Venture® family of Variable Annuities². For clients interested in preserving accumulated wealth for their beneficiaries or seeking to rebuild beneficiary assets that may have declined in value, T-Pro combines three popular death benefit features into one, protecting clients’ assets through both rising and falling markets.

Manulife USA’s new T-Pro rider offers clients the greater value of the Graded Death Benefit or Annual Step-up, plus an Enhanced Earnings Death Benefit. Initially, the Graded Death Benefit option guarantees the contract’s purchase payments. Then, for the first five years after any payment is made, the benefit increases by 10% of that payment, reduced for withdrawals, up to 150% of the payments³. The second layer of protection is the Annual Step-up, which locks in the highest contract value on any contract date through age 80. This amount is increased for subsequent payments and reduced for withdrawals. Finally, as an added layer of protection, an Enhanced Earnings Death Benefit will provide an additional 50% of the contract earnings in excess of 150% of payments, reduced for withdrawals⁴.

“Manulife USA’s new T-Pro rider gives financial advisors a powerful new tool to aid clients who are concerned with preserving the value of their retirement savings for family and heirs. It is particularly useful to those clients who experienced losses during the last market downturn,” said James R. Boyle, President of Individual Wealth Management, Manulife USA.

T-Pro also provides flexibility for both clients and their spouses. For clients who may need to tap their annuity for income in the future, withdrawals up to 5% of net payments per year reduce the benefit on a dollar-for-dollar basis, enabling account holders to access some income, without severely depleting their benefit. For spouses, T-Pro provides the option of receiving the death benefit proceeds or locking in the total death benefit value and continuing the annuity by naming a new beneficiary. If the surviving spouse continues the annuity, the rider continues and the Enhanced Death benefit will subsequently apply to earnings in excess of the initial death benefit amount.

About Manulife
The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality life insurance, pension, and individual wealth management products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients.

Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$121.2 billion (Cdn$156.7 billion) as at December 31, 2003.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

^1.The maximum issue age for the T-Pro rider is age 70 or younger for all Manulife variable annuity products (qualified and non-qualified). If elected, this rider cannot be elected in conjunction with any other optional living benefit or death benefit riders available on Manulife variable annuities.

^2. Venture Variable Annuities are issued by The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) (Bloomfield Hills, MI).Venture variable life and variable annuities are distributed by Manulife Financial Securities LLC through other broker/dealers appointed by Manulife Financial Securities.
Manulife Wood Logan, a division of Manulife USA, provides sales and marketing support for certain products issued by Manulife USA. Venture® is a registered service mark of Manulife USA. For issue ages 76 and older, the compounded annual growth rate is 3% up to age 85%, 0% thereafter.

^3.Withdrawals up to 5% of payments are reduced on a dollar-for-dollar basis. Withdrawals greater than 5% are reduced proportionately. Any subsequent payments received prior to age 70 will receive the Graded Death Benefit. If subsequent payments are received after age 70, the Graded Death benefit does not apply, and you will receive 100% of your payments. The maximum Graded Death Benefit will equal all payments plus $250,000.

^4.The Enhanced Earnings Death Benefit is taxed as ordinary income to the beneficiary to the extent of gain when paid. Any death benefit in excess of the contract value due to other death benefit provisions is not considered earnings and will not be included in the Enhanced Earnings Death Benefit calculation. The maximum Enhanced Earnings Death Benefit is equal to 150% of payments, reduced for withdrawals on a dollar-for-dollar basis.

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Venture Variable Annuities are tax-deferred, long-term contracts designed to meet retirement and other financial goals. Variable annuities provide features and benefits not necessarily found in other investment vehicles, such as:

• Tax-Deferral. Help defer income taxes since your earnings aren’t taxed until distributed. The taxes paid are based on your tax bracket at the time of distribution and the withdrawal method.
• Guaranteed Retirement Income. When you are ready to begin receiving income in retirement, variable annuities offer you the option of annuitization. Annuitization can provide you with guaranteed payments, which may continue for the rest of your life, depending on the distribution option you choose.
• Death Benefit. Beneficiary protection, in the form of a guaranteed death benefit prior to annuitization. (Guarantees are subject to the claims paying ability of the issuer.)
• Transfers. Choose from a diverse group of portfolio options in which to invest your retirement savings tax-deferred. Make transfers between investment portfolios inside the annuity without incurring current income taxes or costs. (Most companies reserve the right to restrict and charge for future transfers.)

A variable annuity has different types of fees and charges. Often, these charges will include a sales charge, mortality and expense risk charge, administrative fees and underlying fund expenses, as well as additional charges for any optional riders you might elect. Your financial consultant can explain all fees that may apply. You can also find a description of the charges in the prospectus. Be sure you understand all the charges before you invest.

Variable annuities and variable life insurance products are long-term contracts designed for retirement purposes and are sold by prospectus. Please contact your local Manulife USA office to obtain a prospectus containing more details and all charges, expenses, risk factors and limitations. Past performance is not a guarantee of future results.

Annuities are not deposits or obligations of, or guaranteed by any bank or financial institution. Annuities are not insured by the FDIC, the U.S. Government or any other government agency and are subject to risks, including the possible loss of principal.

Media Contact:
Heather Randolph
U.S. Communications
(617) 854-4342
hcarter@manulifeusa.com