Genworth Life Insurance Company has launched a new financial instrument that merges universal life insurance and long term care insurance into a single product.

The company, Richmond, Va., says the product, “Total Living Coverage,” is a way to help consumers control their assets, protect beneficiaries and have access to long term care benefits if needed.

With TLC, if an insured dies before needing long term care, the policy pays a death benefit, Genworth says. If they need to, policy owners also can withdraw funds for unexpected emergencies.