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Genworth Financial Companies introduces new breed of Universal Life Insurance

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Genworth Financial, Inc., Richmond, Va., has introduced Colony Term UL, a new breed of universal life insurance that is competitive with term life insurance. 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. The 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 $1 million and remains competitive for face amounts up to $5 million.

It’s a simple sales process with no illustration required. Using Genworth’s 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 more competitive in underwriting decisions through its 360?LifeView underwriting program, while maintaining a long-standing reputation for strong mortality experience.

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