Securian Financial Group has introduced a new Value Protection Indexed Universal Life policy.
The St. Paul, Minnesota-based company says the new, indexed universal life (IUL) policy will come with a built-in no-lapse guarantee.
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Securian has been selling IUL products since 2006.
In the past, the company says, it has sold IUL products that emphasize opportunities for the holders to accumulate cash.
The new product is aimed at people who are primarily interested in low-cost protection, the company says.
Securian will issue the IUL policy through its Minnesota Life Insurance Company unit.
The no-lapse guarantee provision can provide coverage for 40 years, for some insureds, or for a specified period that’s shorter than 40 years for other insureds.
Purchasers can get death benefits ranging from $100,000 to $5 million.