RBC Insurance is launching a new life insurance product that will offer the security of permanent life insurance along with the benefits of flexible investment options.

The RBC Insurance Foundational Life product lets investors purchase permanent life insurance protection in a variety of amounts that are lower than most traditional universal life insurance policies. In addition, part of the premiums paid accumulates as cash value, which is available if the policy is cashed in or terminated.

In a typical universal life insurance policy, the cash value fluctuates with the performance of the investment options that are chosen.

“Our research has shown that clients want insurance that protects them for their entire life, but also offers the option of saving for the future through low-risk investments — and this is exactly what our product has been designed to provide,” said Neil Skelding, executive VP, Life & Health Businesses, RBC Insurance, in a news release.

The Foundational Life product is available from RBC Insurance representatives in amounts ranging from $10,000 to $10 million and offers various joint and family policy purchase options.

Clients are given the choice of level premium payments for set terms, or a 20-year renewable term, and can select investment options based on their individual needs. Additional features can also be added to the policy, including critical illness waiver of charges, accidental death and waiver of premium features.