The Penn Mutual Life Insurance Company has introduced the Guaranteed Protection Universal Life product.

Along with a no-lapse guarantee, the policy offers holders the ability to accumulate significant cash value, according to Penn Mutual, Horsham, Pa.

The policy comes with level-payment, catch-up payment and prepayment options.

Policyholders can take partial withdrawals and loans.

Optional riders include a business accounting rider, which can help business customers adjust the effect of policy purchases on balance sheets, and an overloan protection rider, which distributes death benefits when policy loan values exceed designated thresholds, Penn Mutual says.

Penn Mutual is responsible for backing the product guarantees.