An insurer is rolling out a new version of a life insurance policy that combines guaranteed death benefits with a flexible investment feature.

Hartford Financial Services Group Inc., Simsbury, Conn., is introducing the Hartford Quantum II Variable Universal Life insurance policy, a new version of the Hartford Quantum Life policy that was introduced 2 years ago.

Hartford is issuing the policy in New York through Hartford Life Insurance Company and in other states through Hartford Life and Annuity Insurance Company.

The new policy comes with a benefit account that offers the kind of no-lapse death benefit guarantee typically available in universal life insurance policies along with an investment account. Customers can allocate the cash in the investment account without worrying that those investments will affect the death benefits supported by the benefit account, Hartford says.

The policy comes with 51 variable investment options and a fixed account, and policyholders can allocate their premiums to as many as 20 investment options.