Buyers of a new equity-indexed universal life insurance policy can participate in annual gains of up to 17% in the S&P 500 stock index.
Minnesota Life Insurance Company, a unit of Securian Financial Group Inc., St. Paul, Minn., which, in turn, is a unit of Minnesota Mutual Life Insurance Company, says the new Eclipse Indexed Life flexible-premium UL policy offers access to a traditional fixed account as well as an equity-indexed account.
Purchasers will not lose accumulated value if the S&P 500 index falls, according to Minnesota Life.
A lifetime interest crediting guarantee ensures that the policy’s accumulation value will earn an effective annual interest rate of at least 3% when the holder terminates or surrenders the policy, according to Minnesota Life.
Minnesota Life is responsible for backing the product guarantees.