Promoting the singular goal of making life insurance “affordable, predictable and accessible” to consumers, Genworth Financial announced a pair of new universal life insurance products.

Buck Stinson

The new GenGuard SUL, a survivorship universal life product, and GenGuard UL will be underwritten by Genworth Life and Annuity Insurance Company, located in Richmond, Va., and in New York by Genworth Life Insurance Co. of New York. GenGuard UL is also offered through Genworth Life Insurance Co.

“Our goal with these new product designs is simple — to make life insurance affordable, predictable and accessible to the underserved ‘Main Street’ consumer market,” said Buck Stinson, president of Genworth’s U.S. Life Insurance Products, in a statement.

Through the GenGuard portfolio, Stinson said, customers can select the death benefit guarantee period that suits their anticipated lifespan and financial planning needs. They can also elect to shorten the guarantee period and if they do, lower the premium necessary to maintain coverage, “a real plus in today’s economy,” he noted.

Genworth said another benefit of the new products is expanding the market, and opening new markets, for distributors, by “offering innovative products with powerful purchasing incentives designed to meet the needs of consumers and a lower annual premium for the same face amount.”

GenGuard products offer competitive planned premiums to age 105 for GenGuard UL and 110 for GenGuard SUL, and face amounts up to $5 million. Both products provide the features traditionally offered in UL products, including premium payment flexibility and policy loan options. In addition, GenGuard UL also offer attractive cash value build-up.

Stinson said Genworth believes “these are the right products at the right time.”

“Our competitive coverage can be a smart choice for consumers – it can save them premiums over the life of the policy and help them achieve their protection and retirement security goals, providing a sense of security today and for the future,” he said.