NU Online News Service, Aug. 2, 1:23 p.m. – The Phoenix Companies Inc., Hartford, has introduced two new variable-universal life insurance policies.

One is the Phoenix Edge-VUL, a policy that insures one insured, and the second is the Phoenix Edge-SVUL, a “survivorship plan” that insures two people and pays off after the death of the second insured.

Both policies offer a life insurance death benefit, a flexible payment schedule, and the opportunity to invest assets in 45 fixed and variable funds. The guaranteed interest accounts in the policies pay a minimum annual interest rate of 3%.

The single-life policy has a minimum base face amount of $100,000, and the survivorship policy has a minimum base face amount of $250,000.

The survivorship policy offers customers a choice of a 20-year guarantee period or a guarantee period lasting until age 100. While the guarantee period is in effect, the policy cannot lapse, even if the cash-surrender value equals zero.

Optional features include a term life rider; guaranteed death-benefit riders; and a rider that gives purchasers the ability to restructure their policies at specified points in the future.