ING Life Companies introduced a new indexed universal life insurance product, ING Indexed Universal Life-CV, that it says offers traditional universal life benefits with the opportunity to earn an index credit-linked, in part, to any increases in the S&P 500.

The link is subject to subject to a maximum index credit rate cap and protected from downside risk through a minimum interest guarantee, the company said.

“The new ING IUL-CV is a product that can work well for a range of client needs – from executive benefit and business-continuation planning for businesses to retirement and wealth-management planning for individuals,” said Daniel Mulheran, president of ING Life Distribution, in a statement.  “Because of the indexed feature, there is a potential for stronger long-term surrender values when you compare it to many traditional UL products. This upside potential can be an attractive option for many insurance buyers.”

ING IUL-CV features include the potential for stronger long-term surrender values; fixed and indexed crediting strategies; unlimited rolling targets and heaped commissions; guaranteed-issue underwriting available for corporate sales; waiver of surrender charge rider available for traditional premium finance cases; preferred loans currently available beginning in the 11th policy year; and a range of key riders, including accelerated benefit rider, adjustable term insurance rider, overloan lapse protection rider, additional insured rider, waiver of specified premium rider.