Phoenix Companies Inc. has introduced the Phoenix Indexed UL flexible-premium universal life insurance policy.

The policy offers holders a choice between a fixed account and 2 indexed accounts, according to Phoenix, Hartford.

One indexed account credits 100% of the growth in the S&P 500 stock index, up to a cap. The cap is now set at 12%.

The other indexed account credits a portion of the growth in the S&P 500, with no caps on annual growth. The current level of participation is 75%, Phoenix says.

The minimum guaranteed rate for the indexed accounts is 1%.

Clients can change premium allocations at any time and have some ability to shift funds to and from the different product accounts, Phoenix says.

Clients who have and maintain what appears to be a healthy body mass index may qualify for a 20% discount on the cost of insurance.

Phoenix issues the policy through its PHL Variable Insurance Company and Phoenix Life Insurance Company subsidiaries.

The companies that write the policies are responsible for backing the product guarantees.