The Principal Financial Group has launched a new product, to deliver affordable protection, flexibility and other consumer-friendly features.
The new Principal Indexed Universal Life Flex product offers two levels of death benefit guarantee – a ten-year no-lapse guarantee provision, or an optional extended no-lapse guarantee rider that delivers longer-term guarantees.
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It also provides clients with an opportunity for growth through index-linked interest and a low policy charge structure, while offering protection against downside interest rate risk.
The Principal US Insurance Solutions Distribution vice president Nick Cecere said this product goes beyond the traditional universal life insurance design and couples upside accumulation potential and downside interest rate protection in one product.
"Financial professionals can now offer a product with long-term death benefit guarantees, strong cash value accumulation potential and interest rate protection during economic downturns," Cecere added.
The upside potential of Principal Indexed Universal Life Flex is offered by two index-linked accounts that policyowners can choose from, including one featuring the S&P 500 Total Return Index.
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By GlobalDataThe product provides several riders that provide additional flexibility to address changing needs, including accelerated benefit riders for chronic and terminal illness.
"This powerful combination of guarantees, unique S&P 500® Total Return Index-linked account and low policy charge structure help give financial professionals an advantage in offering an innovative approach. It not only provides protection for the future, but also greater cash value accumulation potential," Cecere said.
