A “term universal life” insurance policy aims to meet the same financial security needs that term life meets, with durations of 10, 15, 20 or 30 years.
Called Colony Term UL, the contract offers maximum issue ages that are 5 to 15 years higher than in typical term life products, says the underwriter, Genworth Life Insurance Company and Genworth Life and Annuity Insurance Company, Richmond, Va.
Genworth Life is a unit of Genworth Financial Inc., Richmond, Va. (NYSE:GNW).
The policy retains the premium payment flexibility available with traditional universal life insurance, Genworth says.
Among other features: