NU Online News Service, Sept. 16, 2004, 2:45 p.m. EDT

The Principal Financial Group has introduced a new variable universal life product for the retirement income market.[@@]

The Principal Variable Universal Life Income is positioned as a way for investors to supplement retirement income. It offers tax-deferred accumulation, a variety of funding strategies, the ability to develop a personal allocation plan and the freedom for investors to gain access to their money, according to the Principal, in Des Moines, Iowa.

The product features a return of cost of insurance rider, coupled with an automated income feature. The return of COI rider guarantees the return of all cost of insurance charges assessed up to the 20th policy year or at the age 60 policy anniversary, whichever is later.

The return of COI charges are credited to the policy value over 5 years, and clients can select a death benefit guarantee of age 100, 85 or 65.

The policy also offers a rider that assures that heavily loaded policies will remain in force to age 100.