A life insurance product design firm is bringing New York state a new universal life policy equipped with long term care features.

LifeVentures Corp., Northport, N.Y., says it is aiming the new Life for the Living policy at insureds who want to cover their changing protection needs as they grow older. It is selling the product through LifeVentures Producers Group, a collection of independent wholesalers.

LifeVentures is affiliated with Veris Settlement Partners Inc., Rockville, Md.

The Life for Living policy includes a rider that accelerates the death benefit if triggered by a need for long term care, according to LifeVentures. The policy also provides a paid-up life policy for the amount not used for long term care.

Through the accelerated benefits rider, insureds can receive living benefits free of income taxes up to the annual Internal Revenue Service limits, which are $102,200 in 2009, LifeVentures says.

Benefits can be used for any expense.

Policies now are paying 6.75% on principal and are guaranteed never to earn less than 3%, according to LifeVentures.

The policies are issued and underwritten by the National Life Insurance Company, a unit of NLV Financial Corp., Montpelier, Vt.