Principal Financial Group of Des Moines has a new universal life insurance policy designed to help pay estate and settlement transfer costs.

Principal Survivorship Universal Life Protector, announced Wednesday, insures a couple and pays benefits after both die to protect their estate. It allows policyholders to obtain the amount of insurance they need; and they can add coverage as their insurance needs increase.

The premium structure of Principal SUL Protector allows policyholders to select both the length of the lapse protection guarantee period up to lifetime coverage and the level of premium paid into the contract.

Features that help with estate and business planning needs include a four-year term insurance rider, a policy split option provision, an estate tax repeal rider, a single life term insurance rider, a choice of death-benefit options, and a lapse-protection provision.

Principal had $215.0 billion of assets under management on Sept. 30.

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