NU Online News Service, Aug. 4, 2004, 2:34 p.m. EDT

A unit of Lincoln National Corp., Philadelphia, has introduced a universal life insurance policy aimed at customers who normally would buy term life insurance.[@@]

The new Lincoln LifeStyle Select policy offers premium guarantees that last for 20, 25 or 30 years. But most term products end at age 95, and the LifeStyle Select policy matures at age 120, Lincoln says.

The new policy belongs to a product family that includes the Lincoln STO policy, a policy that offers a partial premium guarantee in exchange for a relatively low premium, and the Lincoln GTO policy, a more expensive policy that offers a more comprehensive premium guarantee.

Lincoln originally issued a similar UL policy through its First Penn-Pacific Life Insurance Company unit. Lincoln is issuing the new policy through Lincoln National Life Insurance Company.

Broker compensation for the new UL policy includes a commissionable policy fee, Lincoln says.

Lincoln will not be selling the new policy in New York state.