Pacific Life Insurance Company has introduced a new variable universal life insurance policy it says can help address market volatility and economic downturns.

Pacific Select Exec IV combines life insurance protection with reassurance to investors worried about how the economy might affect their retirement, says Pacific Life, Aliso Viejo, Calif.

The policy offers a minimum earnings benefit rider to enable owners to shield its accumulated insurance value during prolonged market downturns. The rider establishes a minimum level of earnings for a maturity period between 10 and 15 years. Policy owners can also extend the period for another 10 to 15 years at an additional cost each time the rider matures until the insured reaches age 70.

Other options include no-lapse guaranteed benefits for up to 20 years.