An Iowa life insurer has rolled out a new version of a universal life product.

Principal Financial Group Inc., Des Moines, Iowa, says it is introducing the Principal Universal Life Protector III policy.

The policy provides guaranteed death benefit protection up to age 121, and the maximum issue age is 85.

Clients can pay for the policy with a lump sum, a series of 10 installment payments, or continuous payments, and premiums are now lower for insureds ages 45 to 70, Principal says.