An insurer is introducing a life product that combines protection with a retirement savings feature.

Old Mutual Financial Network, Baltimore, a U.S. unit of Old Mutual P.L.C., London, says the product, the IncomeCertain policy, is a level term life insurance policy that comes with a return-of-premium feature.

If the coverage term ends while the policyholder is still alive, the insurer will start giving back all the premiums the policyholder has paid in. The insurer will make the refund in the form of monthly payments that will be guaranteed to last for 10 years, according to Old Mutual Financial.

Old Mutual Financial will issue the policy through its Fidelity and Guaranty Life Insurance Company affiliate.