NU Online News Service, April 8, 2005, 4:34 p.m. EDT
A Richmond, Va., company has introduced a new survivorship universal life insurance policy.[@@]
The company, Genworth Financial Inc., says its new Lifetime Provider SUL policy will offer competitive prices for smokers and applicants with some health problems as well as for applicants in excellent health.
A survivorship policy covers 2 or more insureds and pays benefits when the last insured dies.
One of the insureds covered by the new Lifetime Provider SUL policy can be someone who otherwise would be uninsurable, Genworth says.
The product provides a lifetime coverage guarantee for holders who meet lifetime coverage requirements.
One provision gives holders 30 days within which to pay premiums without the risk of losing the lifetime guarantee, and another provision lets clients pay “catch up” payments to maintain the lifetime guarantee, Genworth says.
Once holders of in-force policies pass age 100, Genworth will continue coverage and continue to credit interest to the policy value without requiring additional payments.