A unit of MetLife Inc. is introducing a universal life insurance policy.

The Guarantee Advantage UL policy offers flexible duration and premium-payment provisions, and it permits consumers to carry over a loan on 1035 exchanges, according to MetLife, New York.

Guarantee Advantage also offers a coverage continuation rider, which features a secondary no-lapse guarantee.

MetLife is selling the policy in all 50 states through its own sales force and through independent distribution channels.

Metropolitan Life Insurance Company, New York, is issuing the policy in New York. MetLife Investors USA Insurance Company, Irvine, Calif., is issuing the policy in other states.

Metropolitan Life is responsible for backing product guarantees in New York, and MetLife Investors is responsible for backing the guarantees in other states.