An insurer has introduced an equity-indexed universal life insurance policy designed for customers who want to insure 2 or more lives.
Allianz Life Insurance Company of North America, Minneapolis, says its new UL policy, the GenDex Survivorship Life Insurance Policy, allows holders to lock in gains every year and offers death benefit guarantees that can last 10 years, 20 years, to age 65 or to age 120.
Holders can allocate policy value to a fixed-interest rate option or to an option linked to growth in market indices.
Options include a first-to-die rider and an estate protection rider.
The policy could be useful to married couples or to business partnerships with an interest in insuring the lives of the partners, according to Allianz Life, a unit of Allianz A.G., Munich.
Allianz Life is responsible for backing the product guarantees.