The Genworth Financial has introduced Lifetime FlexPlus, a new, flexible version of their flagship universal life insurance product designed to combine the benefits of non-guaranteed cash values with a long-term secondary guarantee.

The company said that the new version, Lifetime FlexPlus II, offers several other innovative enhancements to the universal life (UL) marketplace. It features lower premiums and an improved secondary guarantee design that is more resilient against the adverse effects of loans, withdrawals and policy changes.

Lifetime FlexPlus II will be available for traditional premium financing cases in addition to the Life Ready UL II product Genworth introduced in 2007.

William Goings, president of life insurance segment at Genworth Financial, said: We understand that consumers who buy universal life insurance are making a long term commitment and we built Lifetime FlexPlus II to deliver on that promise. At the same time, our research tells us that consumers think cash values are important. Lifetime FlexPlus II features outstanding non-guaranteed cash values that are among the best in the secondary guarantee UL market. It is the right product design at the right time.