US-based Voya Financial’s individual life business has released a new cash value life insurance plan that enables consumers to protect the financial future of their loved ones while building cash value that can be used to supplement retirement income.

Known as Voya Indexed Universal Life-Accumulator (Voya IUL-Accumulator), the policy offers consumers a cash value life insurance product that is linked to the performance of the S&P 500 index.

Voya’s individual life business president David Wilken said: "The launch of Voya IUL-Accumulator supports the Individual Life business’s strategy to reach consumers at every age and life stage with solutions and services that can help them achieve their financial goals."

"Younger consumers will appreciate this product’s ability to offer long-term death benefit protection while building cash value that can be used later in life.

"Those nearing retirement will value its flexibility to access that money for any purpose including college tuition or unexpected medical expenses."

Voyal Financial explained that in a traditional universal life policy, part of a customer’s premium can grow in an account, on a tax-deferred basis, and at a fixed interest rate.

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However, the provider said in an indexed universal life policy, such as Voya IUL-Accumulator, the cash value in the customer’s account grows at a rate based in part on the performance of a stock market index.

Since the policy has a floor, consumers will not lose cash value if the index goes down or has a negative performance, according to Voya Financial.