Products help consumers match financial security needs to appropriate death benefit guarantees at competitive premiums
Genworth Financial has launched a new suite of Universal Life (UL) insurance products called GenGuard SUL — a survivorship universal life insurance product — and GenGuard UL. Reportedly, both products will be underwritten by Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company of New York (in New York only).
Buck Stinson, president of Genworth’s US Life Insurance Products, said: “Our goal with these new product designs is simple — to make life insurance affordable, predictable and accessible to the underserved ‘Main Street’ consumer market. With the GenGuard portfolio, consumers can select the death benefit guarantee period that suits their anticipated lifespan and financial planning needs. And, if they elect to shorten the guarantee period, consumers can lower the premium necessary to maintain coverage — a real plus in today’s economy, where people have more limited discretionary funds but still need the important protection that life insurance provides.”
“We believe these are the right products at the right time. Our competitive coverage can be a smart choice for consumers — it can save them premiums over the life of the policy and help them achieve their protection and retirement security goals, providing a sense of security today and for the future. Combined with Genworth’s service advantages, underwriting expertise, comprehensive sales support, and ease of doing business for both consumers and distributors, we’re helping consumers plan for and live a financially secure retirement,” he added.
Genworth Financial offers products and services that help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International.