An insurer is aiming a new variable universal life insurance policy at owners of small and midsize businesses who may need retirement income and succession planning support.

Principal Financial Group Inc., Des Moines, Iowa, says the new Variable Universal Life Income II policy comes with a death benefit guarantee rider than can permit policyholders to guarantee the death benefit to age 65, 85 or 100.

Policyholders also can use an automated income distribution feature and get a return-of-cost-of-insurance rider. The return-of-cost rider can increase the policy cash value when the policyowner reaches age 60 or the 15th policy year, whichever comes later. Over a 5-year period, the rider will provide a credit to the policy cash value equal to 100% of the cost of insurance charges paid up to that point, Principal says.

The Principal unit that issues the product is responsible for backing the product guarantees.

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CORRECTION: An earlier version of this article gave an incorrect description of the return-of-cost-of-insurance rider.