Toronto-based Manulife Financial Corp. (TSX:MFC) is expanding the market for its universal life (UL) insurance product by broadening the eligible issue ages to include younger clients.

The insurer announced on Monday that it will lower the minimum issue ages by 15 years on both of its level cost of insurance (COI) Manulife UL products, effective May 25, 2015.

Single issue policies will be available to clients aged 30-85, from 45-85 previously; and joint last-to-die policies will be available to clients aged 40-90, from 55-90 previously.

Manulife offers a Level Gold Investment Account UL product, which provides a hands-off investment option for clients, and a Level Client Investment Select product, which features a wide range of investment account options.

Manulife also announced that it is increasing the tax-advantaged deposit room available for both new and existing Manulife UL clients.