An insurer has introduced a new version of a life insurance policy that pays benefits when two spouses or other insureds have died.

Hartford Life, Simsbury, Conn., a unit of Hartford Financial Services Group Inc., Hartford, says the new edition of its Hartford Advanced Last Survivor Universal Life product costs about 20% less for insureds older than 65.

The policy comes with no-lapse death benefit protection and two riders that can buffer a policyholder against the possibility of major changes in the U.S. estate tax system.

An optional estate tax repeal rider allows policyholders to surrender coverage without paying charges if the federal estate tax is repealed in January 2011

An estate protection rider will pay an additional death benefit if both insureds die within 4 years of the policy issue date. This rider automatically terminates after the fourth policy year and the charges then cease.

The policy also features five underwriting classes and three death benefit options.

Hartford Life is responsible for backing the product guarantees.