Pacific Life Insurance Company has said that it will now offer a one-year indexed option with its new variable universal life (VUL) insurance product, Pacific Select Exec V.

According to Pacific Life, Pacific Select Exec V in addition to offering death benefit protection, will also offers cash value growth potential through three types of investment options including variable, fixed and indexed.

The One-year indexed fixed account will provide interest crediting based in part on performance of S&P 5002 plus guarantees that include a current growth cap of 11% (3% guaranteed) and a 1% floor to help protect policy’s cash value against downturns, said the company.

In addition to rolling out Pacific Select Exec V, the company also expanded investment lineup available in all of its VUL products by introducing four new variable investment options including: Royce Capital Fund-Micro-Cap Portfolio Service Class; Templeton Global Bond Securities Fund Class 2; Lord Abbett Series Fund Fundamental Equity Portfolio VC; and GE Investments Total Return Fund Class 3.

Alyce Peterson, vice president of marketing services for life insurance division of Pacific Life, said: “When you are younger you can choose a higher risk-reward model through the variable investment options available with Pacific Select Exec V, and then as you near retirement or experience other life events you can easily migrate toward a more moderate profile.”