Minnesota Life has introduced new indexed universal life product, Omega Builder IUL which also includes the Income Protection Agreement (IPA).

Offered exclusively through AMZ Financial, the IPA has been designed to enable irrevocable settlement option for policy owners for the death benefit, to be paid in a combination of instalment payments and lump sum payouts.

Minnesota Life national sales vice president Ben Roth said, "It also allows the policy owner to establish a stream of income for the beneficiaries."

When the policy is issued, IPA enables the policy owner to create an income stream for beneficiaries that will grow at a fixed rate.

The death benefit payment in instalments will also potentially lower the insurance cost over a period of years for the policy owner while providing potential cash value growth faster.