A new 20- and 30-year term policy series is designed to provide protection-based life insurance for American families.

Issued by two insurance company affiliates of Legal & General America, Rockville, Md., the Life Value Term series uses initial premiums that start significantly lower than traditional level-premium term insurance, Legal & General America says.

The guaranteed premiums increase “gently” over the term period, the company says.

This design makes the policies competitive with level-premium term over the full term period and allows buyers to afford the full coverage needed while their insurability is optimum, even if their budgets are tight, the company says.

Life Value Term 20 can be issued at ages 20-70. Life Value Term 30 can be issued at ages 20-60, 5 more years than the insurers’ traditional term plans.

Conversions are allowed with both products.

Brokers “will never have to settle for less coverage than their clients need, at the time they need it most, because the initial premium is too high,” says Jimmy Atkins, executive vice president at Legal & General America. “Nor will they have to shorten the term to lower the premium and take the re-qualification risk.”

The products are issued nationally by Banner Life and in New York by William Penn Life. Both are subsidiaries of Legal & General Group P.L.C., London.