Genworth Life Insurance
GENWORTH LIFE INSURANCE COMPANY OF NEW YORK
666 Third Avenue, 9th Floor.
New York, NY 10017
Genworth Financial's founding companies date to 1871 when The Life Insurance Company of Virginia wrote its first policy. For more than 135 years, we have built an extensive family of financially solid, well-respected insurance companies and distribution partnerships. Genworth is a global financial security company with more than $110 billion in assets (as of 12/31/06), with more than 7,000 people in 25 countries serving the needs of 15 million customers.
Policy Description Colony Term
Colony Term is universal life insurance product that is an affordable alternative to traditional term life insurance. Like term life insurance, Colony Term offers affordability and the ability to choose how longer you want to be covered. The death- benefit guarantee is conditioned on the payment of enough premiums so that at the beginning of the policy month the policy’s Coverage Protection Amount (defined in the Coverage Protection Benefit section of the policy) minus any policy loan balance is zero or greater. Policy Loans and/or withdrawals can shorten the length of the guarantee or affect whether or not the guarantee remains in effect. Periods available for initial planned periodic premium are either 10, 15, 20 or 30 years. Subject to certain limits, the opportunity for additional coverage is possible the policyholder extends the death benefit guarantee period beyond the initial period. It is important to note that the premium needed to continue the policy will increase substantially. Policy Form No.ICC09GA1002 or GA1002-0709 or state variations.
Children's Insurance Option (Additional Cost)
Accelerated Death Benefit
Provides a lump sum benefit upon diagnosis of a terminal illness that reduces life expectancy to 6 months or less. Availability Varies By State
Waiver of Premium Option (Additional Cost)
Waives premiums that fall due while the insured is totally disabled, provided the insured becomes totally disabled before the policy anniversary nearest age 60 and is totally disabled for at least 6 continuous months. Issue ages: 15-55 for 5, 10, 15, & 20 year term; 15-50 for 30 year term (15-45 for NJ). Availability varies by state.
Accidental Death Benefit Option (Additional Cost)