Insurer Lincoln Financial Group (LNC) has unveiled next generation survivorship variable universal life insurance product, SVULone (2013), which provides a guaranteed lifetime death benefit, while enabling to pursue market-driven growth potential to fulfill future liquidity needs.

Lincoln Financial life solutions senior vice president Michael Burns said, "Lincoln focuses on continually providing a diverse mix of solutions to help advisors meet their clients’ specific needs, and keep financial plans on track in any market environment."

The new SVULone boosts the position of advisors working with clients insuring two individuals, offering financial flexibility, and meeting a variety of financial planning needs ranging from estate tax funding to wealth transfer.

Insuring two individuals in a single policy, the new product provides a competitive pricing structure, which is ideal for numerous premium circumstances, including those in which premiums are paid in three years or less.

Following the death of the second individual, the policy gives an income tax-free guaranteed death benefit, in spite of market conditions or investment options selected.

The policyholder can select to stop paying premium early, expand the guarantee duration, and/or access their excess policy cash value growth for income if the policy’s cash value touches a pre-determined threshold.

As of 30 June 2013, the companies of LNC had assets under management of $189bn and offer annuities; life, group life, disability and dental insurance; employer-sponsored retirement plans; savings plans; and comprehensive financial planning and advisory services.