Colony(SM) Term UL is designed to meet the needs of the term buyer market
RICHMOND, Va., Nov. 16 /PRNewswire-FirstCall/ -- Genworth Financial, Inc., (NYSE: GNW) announced today the introduction of Colony(SM) Term UL, a new breed of universal life insurance that is very 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.
"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," said Buck Stinson, president of Insurance Products for Genworth's U.S. Life Insurance companies.
Six out of every 10 Americans with incomes between $50,000 and $250,000 do not own individual life insurance and one-third of those who do own life insurance admit they currently don't have enough coverage, according to the LIMRA's 2009 study, Is There Magic in the Middle Market? "Clearly, there is a great need and opportunity to offer consumers a product that meets their financial security needs at prices they can afford," continued Stinson. Colony Term UL will be highly competitive with term insurance for face amounts below $1 million and remains competitive for face amounts up to $5 million.
"For distributors wondering if this product can help them profitably grow their businesses, the answer is an emphatic yes," Chris Grady, president of Distribution and Marketing for Genworth's U.S. Life Insurance companies. 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 significantly more competitive in underwriting decisions through its innovative 360o LifeView(SM) underwriting program, while maintaining a long-standing reputation for strong mortality experience.
"Bringing together a product with competitive premiums, simplified service transactions and enhanced underwriting will allow distributors and agents to tap into the underserved middle and emerging affluent market -- offering access to a new revenue stream and helping consumers prepare for a financially secure future," Grady concluded.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
All guarantees are based on the claims-paying ability of the issuing insurance company.
All products and their riders and benefits are subject to their policy forms and to state availability and issue limitations. Colony(SM) Term UL: Policy Form No. ICC09GA1002 or GA1002-0709 et al. (Genworth Life & Annuity); Policy Form No. ICC09GL1002 or GL1002-0709 et al. (Genworth Life).
Colony(SM) Term UL NY: Policy Form No. GY1002-0709; available only in New York (Genworth Life of New York). Only Genworth Life of New York is licensed to conduct business in New York.
SOURCE Genworth Financial
Tom Topinka, +1-804-662-2444, Thomas.firstname.lastname@example.org, genworth.com/presscenter