Pacific Life Insurance Company has created a new indexed universal life policy offering no cap on growth.

The company says the new product, the High Par 5-Year Indexed Account, protects against market downturns with a guaranteed annual interest rate no less than zero.

As with other indexed accounts offered by Pacific Life, Newport Beach, Calif., High Par 5-Year Indexed Account credits interest based in part on the positive performance of the S&P 500 index

The High Par 5-Year Indexed Account is available with Pacific’s Indexed Accumulator III UL policy an its Pacific Estate Preserver.