Penn Mutual Life Insurance Company has launched its latest indexed universal life (IUL) product that will support policyholders’ estate planning as well as accumulation needs.

Dubbed Survivorship Plus Select Indexed Universal Life, the second-to-die survivorship life insurance product will cover two lives more cost effectively than two comparable individual policies, the company claims.

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The product will offer policyholders standard no-lapse guarantee and also option to add a lifetime no-lapse guarantee through optional Extended No-Lapse Guarantee Rider.

To policyholders who seek strong market-based accumulation potential option, the product gives flexibility to allocate premiums to any of Survivorship Plus Select IUL’s five distinctly different indexed accounts. According to the company, each unique indexed account offers strong upside potential tied to the performance of the S&P 500 Index or the S&P Global Broad Market Index (excluding dividends).

Additionally, Survivorship Plus Select also offers a fixed account option and a dollar cost averaging account.

The product also includes two guaranteed accumulation enhancements to help bolster long-term cash value growth, the insurer added.

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Penn Mutual vice president of product management Andrew Martin said: “Survivorship Plus Select IUL’s unique multi-tasking product design offers a fresh perspective in a survivorship life insurance marketplace that has been primarily focused on serving estate planning needs.

“By designing a product with built-in guarantees that can support estate planning or accumulation objectives we can help a broader cross section of policyholders achieve their individual goals—whether they are looking for death benefit protection for loved ones, tax efficient wealth transfer, flexibility for their business, a way to fund a lifetime of care for a special needs family member, or a source of supplemental income.”