NU Online News Service, Nov. 20, 11:22 a.m. – Principal Financial Group Inc., Des Moines, Iowa, is introducing the Principal Variable Universal Life Accumulator life insurance policy.
The policy is designed for executive benefit planning and other long-term planning uses, Principal says.
The features of the product include a choice of 17 money managers; zero net-cose loans after 10 years; a “collateral assignment” death benefit option that helps the employer recover costs, while the employee retains the death benefit; and a supplemental benefit rider.
The supplemental benefit rider is a term insurance rider that helps increase cash values in early years or make the purchase of a variable life product more affordable, Principal says.
The product also include a five-year, no-lapse guarantee, even in adverse market conditions, in the base policy.
Principal says it will pay producers trail commissions from the sixth year a policy is in force until the policy matures.