The ReliaStar Life Insurance Company unit of ING Groep N.V. is updating its Variable Accumulation Design survivorship variable universal life insurance policy.

ReliaStar, Minneapolis, has designed the policy for split-dollar, estate-planning and supplemental retirement income arrangements.

Changes include the addition of a free lifetime death benefit guarantee; a reduction in mortality and expense charges for years 6 through 10; an elimination of M&E charges after the 10th policy year; and a feature that permits policyholders to pay monthly charges from the assets of a specific investment option, according to ReliaStar.

Another feature lets holders split the policy into 2 single-life policies in the event of a divorce or business dissolution, ReliaStar says.