Pennsylvania-headquartered Lincoln Financial Group has added to its Indexed Universal Life insurance product range.

New York-listed Lincoln Financial Group has launched an insurance product to help clients meet their wealth protection, legacy planning, tax-efficient income and business needs.

The new product, Lincoln WealthAdvantage, builds on the firm's existing range of Indexed Universal Life insurance products. It will offer three death benefit options, including one that provides a death benefit equal to the policy face sum plus premiums paid.

“Lincoln WealthAdvantage offers a cost-efficient death benefit with cash value flexibility for clients seeking protection, tax-advantaged growth potential with opportunities for tax-efficient income for those focused on accumulation and distribution, while also addressing a growing need in the business insurance marketplace,” said the group's vice president of life product management, Michael Parker.

In addition to an income tax-free death benefit, the new addition offers strong cash accumulation potential through three one-year point-to-point index account options tied to performance of the S&P 500 Index, Lincoln said.

Business owners will also have the option to reposition current company assets to purchase life insurance, while maintaining the majority of the premiums paid as a surrenderable liquid asset.

As of the end of March, Lincoln Financial Group, which has over 17 million customers, managed $222 billion in assets.