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.