MetLife has launched the Guarantee Advantage UL, its new universal life insurance policy, in all the 50 states of US.

MetLife said that the new product offers enhanced flexibility with guaranteed protection through customizable durations of coverage and premium payments, as well as design innovations that allow policyholders to create a policy that meets their needs.

The new Guarantee Advantage UL (universal life) is a permanent life insurance policy that offers individuals a tool particularly for estate and business planning, as well as income replacement to protect families from the loss of a breadwinner.

The policy’s optional coverage continuation rider features a secondary no-lapse guarantee that coverage will remain in force, even if the cash value has been reduced to zero.

The company has announced that the policy also features an optional, patent pending guaranteed survivor income benefit (GSIB) rider. The GSIB pays death proceeds in the form of an enhanced monthly income rather than a lump sum payment, providing beneficiaries with a guaranteed monthly income they will never outlive.

With the launch of the new Guarantee Advantage UL, the maximum death benefit available through the enhanced payout option has been increased from $2 million to $5 million.

Gene Lunman, senior vice president and head of individual business product management group at MetLife, said: The policy’s customizable length of guarantee and payment patterns, up to age 121, work with our market-leading grace periods and state-of-the-art riders to offer policyholders the options they desire to design the best coverage possible for their family.