The product is underwritten by Genworth Life Insurance and Genworth Life and Annuity Insurance

Genworth Financial has launched Colony Term UL, a new breed of life insurance which it claims is competitive with term life insurance.

The company said that the Colony Term UL is designed to address the same financial security needs of the term life buyer. It provides affordable coverage for specified durations of 10, 15, 20 or 30 years, maximum issue ages five to 15 years higher than in typical term life products, and the benefit of premium payment flexibility available in universal life insurance.

Genworth said that the new product will be underwritten by Genworth Life Insurance Company and Genworth Life and Annuity Insurance Company. Colony Term UL will be competitive with term insurance for face amounts below $1m and remains competitive for face amounts up to $5m.

According to the company, its Life Quick Request service platform, distributors and agents will benefit from cost savings, faster cycle times, and a higher placement ratio, helping them to sell more in less time. In addition, Genworth is becoming competitive in underwriting decisions through its 360-deg LifeView underwriting program, while maintaining strong mortality experience.

Buck Stinson, president of insurance products of US Life Insurance companies for Genworth, said: We saw the need for a next-generation life insurance product – one that combines the affordability of term with the flexibility of universal life – so we created an attractive new option for consumers.”

Chris Grady, president of distribution and marketing of US Life Insurance companies of Genworth, said: Bringing together a product with competitive premiums, simplified service transactions and enhanced underwriting will allow distributors and agents to tap into the underserved middle and emerging affluent market – offering access to a new revenue stream and helping consumers prepare for a financially secure future.”