Pacific Life & Annuity has introduced the Pacific Indexed Accumulator-NY universal life insurance policy.[@@]

The policy gives New York residents access to crediting rates based in part on the performance of the S&P 500, minus any dividends, according to Pacific Life, Newport Beach, Calif.

Pacific Life, a unit of Pacific Life Insurance Company, guarantees that it will use its financial resources to keep crediting rates from falling below 0%. The company also is guaranteeing a 5-year cumulative return of at least 2% per year.

Purchasers can choose a conventional fixed account, 3 death benefit options, and a short-term no-lapse guarantee rider, Pacific Life says.

The policy has no maturity date, and executives at Pacific Life say it is suitable for estate planning and business planning.