Customers can tweak the life policy to meet their needs. Credit: Towfiqu barbhuiya on Unsplash.

Prudential Financial has announced the launch of a new life insurance offering designed to offer both protection and growth.

Called Prudential FlexGuard Life, the new offering is an indexed variable universal life product designed to meet the insured’s changing life insurance needs.

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FlexGuard Life offers buffered index strategies to help build cash value along with some downside protection to dampen the impact of volatile market conditions.

The life policy is claimed to offer death benefit protection with a guaranteed duration option, several ways to grow wealth and an option to expedite death benefits in the event of a chronic or terminal illness.

Customers can customise the FlexGuard Life policy based on their requirements.

The new offering derives inspiration from Prudential’s FlexGuard Indexed Variable Annuity products, which have reached over $10bn in sales.

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Prudential president of individual life insurance Salene Hitchcock-Gear said: “As our customers’ needs continue to evolve, we’re working to provide them with new ways to achieve financial security, including offerings that help to diversify their cash values and realize more benefits from their policies. FlexGuard Life performs exactly in that way, prioritizing protection, growth and access.”

FlexGuard Life policy is issued by Pruco Life Insurance Company and offered through Pruco Securities. Both are part of Prudential Financial located in Newark, New Jersey.

In September 2022, media reports emerged that the US-based insurer is looking to expand operations in China by acquiring a minority stake in ABC Life Insurance.