Maritime Life is launching a universal life insurance product that offers enhanced flexibility and choice to customers, while retaining the existing features and benefits found in Maritime Life’s current suite of universal life products.

The insurer says the new product, Universal Solutions, offers a balance of insurance protection and tax-deferred savings.

It lifts walls that previously divided Maritime Life’s universal life products — The Architect Summit II, Intrepid II, and Life Accumulator — giving advisors the flexibility to customize a product that best meets their customers’ evolving needs.

“Customers and distributors have told us that they want universal life products that offer simple and easy-to-understand protection solutions,” said Rob Cross, VP, wealth and product management, retail division, Maritime Life, in a news release. “We’ve been listening. Universal Solutions is a further step in our journey to providing comprehensive and customized financial protection solutions within one contract.”

The product offers a broad range of investment options, and the company says that the preferred cost of insurance rates will result in reduced cost of insurance for most clients. The product’s coverage enhancer feature doubles insurance coverage at a fraction of the cost.

“Universal life products by their very nature can be complicated,” said Daniel Dessureault, VP, sales and distribution, retail division, Maritime Life, in a news release. “By simplifying our approach and continuing to distribute exclusively through a network of independent advisors, our goal is to provide customers with an objective and informed purchase experience.”

Universal Solutions is now available for purchase through Maritime Life’s network of independent distributors.