Genworth Makes Life Insurance Product Changes [Manufacturing Close – Up]

Genworth Financial, Inc. announced changes to its life insurance portfolio designed to update and expand its product offerings and further adjust pricing to reflect the current low interest rate environment and recent regulatory changes.

According to a release, Genworth is launching a new traditional term life insurance product Colony Term 10, 15 and 20, which will replace Colony Term UL, a universal life insurance product. In addition, effective Nov. 12, it is streamlining its guaranteed universal life insurance portfolio by expanding and repricing GenGuard UL, which will combine the features of Colony LifeLong UL and GenGuard UL in one product.

In 2013 Genworth will continue to broaden its life insurance product mix and improve service delivery platforms. In particular, this will include the introduction of new linked benefit offerings and new index universal life products.

"These actions support our continuing commitment to 'Main Street' life insurance consumers and our strong distribution partnerships in this market," said Pat Kelleher, CEO of Insurance and Wealth Management. "We remain focused on serving the life insurance needs of this important and underserved market."

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