Protective Life Insurance Company and West Coast Life Insurance Company have launched two new universal life insurance products, 'Protective Secure-T' and 'WCL Secure-T'.

According to Protective Life, the two new life insurance products will offer term-like, guaranteed premiums for periods of 10, 15, 20, 25 and 30 years.

The Secure-T is designed for consumers who need low-cost coverage for a specified duration. It will offer built-in lapse protection, with the ability to extend coverage beyond initial level premium period. At the 25 and 30 year guarantee periods, premiums are 13-16% lower, depending on payment mode, than their previous traditional term product counterparts. It also features grace period of 61 days.

John Deremo, senior vice president and chief distribution officer of Protective Life, said: “Secure-T was created as a simple, affordable solution for consumers and small business owners who need low-cost protection for a shorter period of time. They get the affordable coverage they need today, while protecting their family’s future.”