The Principal Financial Group has a new universal life insurance policy aimed at wealthy clients who want to protect a personal estate or business from taxes.[@@]

The product, the Principal Universal Life Protector II, is available to clients in almost any life stage but is particularly suitable for customers who want flexibility in premium payments and death protection, says the Principal, Des Moines.

UL Protector II offers guaranteed death benefit protection up to age 121, extends the issue age to age 85 and provides a number of payment options. For instance, if an individual delays or skips premium payments, he can pay catch-up contributions to regain the original level of protection.

Among other uses, the product can be offered as a nonqualified executive benefit or made part of a business exit strategy, the company says.