Apparently Genworth has replaced their vanilla term life with a universal life policy ("Colony(sm)"). The agent says the other carriers are heading in this direction too.
The premiums are equivalent to what you pay for term life. (It's actually cheaper than equivalent term life from other carriers.)
It is more complex than term life, because there's a cash value component, loans, flexible premiums, etc that come with permanent life policies. I do like simplicity. But it seems like these are optional: e.g. if you don't overpay, there is no cash value; you don't have to take a loan; etc.
Agent: "There are only advantages to this with no drawbacks."
Is anyone familiar with this breed of policy, and are there any drawbacks?