Midland National Life Insurance Company has introduced the Select Universal Life-G no-lapse, death-benefit guarantee universal life insurance product.

The product provides guaranteed coverage along with an option to buy a no-lapse death benefit guarantee that can last till age 121, according to Midland National, Sioux Falls, S.D., a unit of Sammons Financial Group, Chicago.

Policyholders can adjust the guarantee period by adjusting the premium, without going through additional underwriting, Midland National says.

Midland National is using 5 underwriting classes to set rates, and it says it will pay agents compensation of up to 115%.