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:

- 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.