OMAHA, Neb.–(BUSINESS WIRE)–Mutual of Omaha recently introduced Income Advantage Indexed Universal Life (IUL), its first product in the IUL market. This life insurance product provides an opportunity to accumulate cash value – based on market performance – for the policyholder’s future use.

Income Advantage includes three indexed interest crediting strategies, all of which are based on the annual point-to-point performance of the S&P 500. In addition to these strategies, the product offers a fixed account option.

The cash value accrued can generally be accessed tax-free through policy loans or withdrawals to help with needs such as college funding, emergencies or supplemental retirement income.

“We are excited about entering the IUL market,” said Joe Kenny, Mutual of Omaha vice president and actuary. “The product is expected to provide upside potential for our customers who are looking to accumulate cash value within a life insurance policy.”

Income Advantage automatically provides a Guaranteed Refund Option (GRO) rider, which allows customers to surrender the policy for a 50 percent return of their premiums at the 15th policy anniversary or a 100 percent return of their premiums at the 20th through 25th anniversaries.

“This GRO rider is unique in the IUL market and we hope it offers peace of mind for customers who may have concerns about the market-linked feature of an IUL policy,” Kenny said.

Additionally, Income Advantage automatically includes Accelerated Death Benefit riders, which allow early access to a portion of the death benefit for customers diagnosed as chronically or terminally ill.

As of March 1, Mutual of Omaha’s Income Advantage product is available for customers to purchase through licensed agents and brokers in all states except New York.

Founded in 1909, Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States. For more information about Mutual of Omaha, visit www.mutualofomaha.com.