EAGiL Financial Group of Woodcliff Lake, N.J., has announced its new product, the Premium Return Option, that offers greater flexibility to its policyholders, the company said.

The product, underwritten by Prefect Pro, enables policyholders to have their premiums returned if their needs change after purchasing a policy, according to the company. EAGiLsaid the new product means that a potential buyer of life insurance can now “essentially insure their life insurance.”

Guy E. Runyon, EAGiL’s president and CEO, said in a statement that “a significant fraction” of life insurance is surrendered within the first couple of years after origination for no cash value. Premium Return Option, he said, allows a policyholder “the opportunity to reconsider his or her purchase without a financial setback.”

“If for whatever reason, their insurance product is no longer necessary, they can simply walk away and be reimbursed for their premiums,” Runyon added. “This product provides new confidence allowing a senior to secure their financial future in a less-than-perfect economic climate.”