Jackson National Life Insurance Company has introduced a new universal life insurance product designed to help policy owners generate a cash value as well as provide death benefit protection.

The new Jackson Accumulator product replaces the company’s UL One universal life product, which was introduced in 2000.

The product features a 4% guaranteed minimum interest rate and a 9-year surrender charge period, replacing the 15-year surrender charge period on UL One, according to Jackson National, Lansing, Mich., a unit of Prudential P.L.C., London.

It also offers riders providing term life coverage, accelerated living benefits and zero net-cost loans after the fifth policy year.