A new universal life policy is targeting consumers who are seeking flexible products that build financial security with a known benefit, not directly tied to market performance.

Issued by the insurance companies of Principal Financial Group Inc., Des Moines, Iowa, the UL policy offers an adjustable death benefit, flexible premium payments and an optional rider for customers seeking long-term cash accumulation.

Called Principal Universal Life Flex, it also offers these options:

- Surrender charge flex rider. This waives a portion of the surrender charges so that individuals can access cash sooner if needed, says Principal.

- A life paid-up rider. This keeps the policy from lapsing when a policy is used for supplemental retirement income, the company says.

- An automated income feature. This enables customers to take withdrawals from their policy on a regular basis, Principal says.