The Phoenix Companies Inc., Hartford, has introduced a new universal life policy that offers wash loans and other features for personal or business planning.

The company’s new Phoenix Accumulator UL policy offers loans of up to 75% of policy account value to qualified policyholders. The policy also offers so-called wash loans, in which the interest rate credited to the policy’s cash value is equal to the loan interest rate, in effect amounting to an interest-free loan.

Other policy features include 5-year, no-lapse guarantees and a supplemental coverage option.

Phoenix says the policy can help advisors customize life insurance to changing client conditions, such as a need to reduce premiums or fund a retirement plan.