Pacific Life Insurance Company is giving holders of universal life insurance a chance to participate in gains in the stock market.[@@]

Pacific Life, Newport Beach, Calif., is introducing the Pacific Life Indexed Accumulator policy, a policy that gives holders the ability to tie the crediting rate for some account value to the performance of the S&P 500 Index, excluding dividends.

Holders who use the S&P 500 option do not participate in 100% of index gains, but the credit rate will never fall below 0%, and Pacific Life is guaranteeing a cumulative rate of return of 2% per year for 5 years.

Holders also have the option of tying performance to a conventional fixed account.

Pacific Life is responsible for backing the investment guarantees.

The policy has no maturity date, and one feature is a short-term, no-lapse guarantee rider, Pacific Life says.