Genworth Financial Inc. has introduced Colony Term UL, calling it a new breed of universal life insurance that is competitive with term life insurance.

Colony Term UL is designed to address the same financial security needs of the term life buyer. It provides 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 Co. and Genworth Life and Annuity Insurance Co.

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.

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