An insurer has come up with a new life insurance policy for voluntary benefits programs.

Principal Financial Group Inc., Des Moines, Iowa, says its new Principal Term Connector product offers a choice between 10-year and 20-year terms when premiums will hold steady.

Death benefit amounts range from $25,000 to $200,000.

Policyholders can convert the term coverage to cash-value coverage while they are paying premiums or up until age 70, Principal says.

Principal’s Principal Life Insurance Company unit is responsible for backing the product guarantees.