The Phoenix Cos. introduced a new first-to-die universal life insurance product for two lives, featuring flexible premiums and cash accumulation.

The Phoenix Joint Advantage Universal Life product gives customers vital insurance protection and the opportunity to grow their cash values, according to the company, headquartered in Hartford, Conn.

The new stand-alone product is designed to appeal to couples or small business partners who are concerned about cash flow or liquidity on the first death. For businesses, its primary use is protecting each partner’s interest for buyout purposes, according to The Phoenix Cos., as the policy covers two lives under one policy and one premium payment.

The new product pays a death benefit on the first death and, with the addition of the Survivor Purchase Option Rider on a policy, the surviving spouse or business partner can buy a new Phoenix policy at that time with no need for medical evidence or insurability, the company said.

The product is available in 46 states, including Maryland, Pennsylvania and Virginia.