The Phoenix Companies has introduced Simplicity Index Life (UL), a new indexed universal life insurance product that offers universal life insurance protection with options for building cash value.

The company said that the new life insurance product offers permanent death benefit protection, plus the additional advantage of an indexed feature. The index credits are linked to the performance of the S&P 5001 Index.

According to Phoenix, the new insurance product features a streamlined application and underwriting process that allows it to be issued faster than a fully underwritten policy; and offers flexible premium payments and tax-favored access to the policy’s cash value through either tax-free withdrawals or fixed policy loans for up to 100 % of the cash surrender value.

The new policy also offers clients the flexibility of allocating premiums to three account options: one fixed and two indexed and has various transfer and reallocation options.

In addition, the policy includes features such as Phoenix Monthly Transfer Strategy, which allows funds deposited into the fixed account to the automatically transfer to indexed accounts on a monthly basis; and Persistency Bonus, which credits the unloaned policy value in indexed accounts 0.5% annually, beginning in year 11 to qualifying policies.

Phil Polkinghorn, senior executive vice president at Phoenix, said “Phoenix Simplicity Index Life is another example of our continued commitment to developing products that respond to the changing wants and needs of the marketplace.

With Phoenix Simplicity Index Life, we give clients the opportunity to accumulate cash value and rest easy knowing their loved ones will be protected financially.”