The Penn Mutual Life Insurance Co. has released an Indexed Universal Life (IUL) product called Accumulation Builder Choice, which offers individuals and small business owners death protection, including new ways to build policy cash value.

According to Penn Mutual, the IUL product features a strong upside potential/downside protection to build policy cash value. The interest credited is based on the performance of a market index, which allows policyholders to participate in market-based growth potential without the risk of directly participating in the stock market. Interest is credited annually, up to a competitive cap, enabling upside market gains. If the market declines, the product allows guaranteed annual interest of at least 1 percent.

The product also offers a protection guarantee: a 30-year, no-lapse guarantee on the death benefit that is automatically included for those aged 55 and younger, says Penn Mutual. In addition, diverse cash accumulation options are available. A choice of three indexed and two fixed accounts is offered, which the insurer hopes will add diversity and let individuals or small business owners choose interest crediting strategies, based on individual goals and preferences.

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