NU Online News Service, July 9, 2003, 3:57 p.m. EDT – Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., has introduced the Survivor Select Universal Life Insurance policy.

The policy, which is aimed at the estate-planning market, covers two lives and pays off when the second insured dies.

Policy features include a policy-split option, which allows customers to split one policy into two individual policies, and an estate-tax repeal endorsement, which will waive the policy surrender charges if Congress permanently repeals the federal estate tax.

The policy’s lapse-protection feature can continue coverage until the younger insured reaches age 120.