MetLife has introduced new Premier Accumulator Universal Life (PAUL) product, which will allow policyholders to meet a variety of financial goals.

The new product is said to provide access to more cash value compared to traditional life insurance policies for customers, including small business owners.

MetLife retail life and disability insurance executive vice president Gene Lunman said: "PAUL was designed with our clients’ needs in mind, delivering the protection they want along with more cash value in the earlier years than traditional life insurance policies.

"With PAUL, we’re giving our clients the potential to access most or all of what they put into their policy, within the first few policy years, providing them with significant flexibility as their needs change."

It also offers other benefits such as competitive cash value accumulation that will help meet financial goals, including supplementing retirement income.

The company has designed the product to include enhanced rate plus, a new underwriting process for eligible clients that can reduce the time typically required for an underwriting decision to only a few days.

In addition, the product provides potential to financial professionals to earn compensation through an asset trail based on the cash value that differs from traditional life insurance products.