UL For The Term Buyer Market

- The product is priced to be “highly competitive” with term insurance for face amounts below $1 million and remains “competitive” for face amounts up to $5 million, Genworth says.

- The sales process requires no illustration, the company says.

“We saw the need for a next-generation life insurance product–one that combines the affordability of term with the flexibility of universal life–so we created an attractive new option for consumers,” says Buck Stinson, president of insurance products for Genworth’s U.S. life insurance companies.

The Colony Term UL should enable distributors and agents “to tap into the underserved middle and emerging affluent market,” adds Chris Grady, president of distribution and marketing for Genworth’s U.S. life insurance companies.

All guarantees are based on the claims-paying ability of the issuing insurance company, says Genworth.