An insurer has introduced a return-of-premium term life insurance product that could appeal to middle-income homeowners.

Genworth Financial Inc., Lynchburg, Va., says its new MasterKey policies are indeterminate premium term life insurance products designed so that premiums are level for an initial period then will increase each year.

Buyers can choose coverage amounts between $50,000 and $175,000 along with initial level-premium periods of 15 years, 20 years or 30 years, Genworth says.

Policyholders can borrow against the policy cash value after the fifth policy year, and policyholders can get the return of all eligible premium payments at the end of the initial level-premium period, Genworth says.

Genworth is offering the policy only to homeowners who have received a mortgage or refinanced an existing mortgage within the past 18 months.