Bankers Life and Casualty Company has launched the ClearVantage IUL life insurance policy.

Bankers Life, Chicago, a unit of Conseco Inc., Carmel, Ind., says the new product replaces a fixed interest universal life product and an indexed universal life product.

The minimum death benefit is $25,000.

Purchasers can allocate premiums to a fixed interest rate account, and indexed account, or a combination of both types of accounts, Bankers Life says.

As long as the holder pays the minimum payments, the policy will stay in force for at least 15 years, or up till age 95, whichever comes first, Bankers Life says.

The ClearVantage IUL policy also offers a new Preferred Plus Non-Tobacco rating class.

The menu of optional riders includes an accidental death benefit rider, a children’s term insurance rider, a disability income rider, and an unemployment waiver-of-cost rider.