First Colony Life was established in 1955 and is a subsidiary of GE Financial Assurance, one of the 28 specialized businesses of GE Capital Services. With over $240 billion insurance in force, First Colony is in the top ranks of U.S. life insurance companies according to Best's Review. First Colony is also a certified member of the Insurance Marketplace Standards Association (IMSA). Membership promotes ethical market conduct for individual life insurance and annuities. First Colony is licensed and operates in every state (in New York through its subsidiary, American Mayflower Life Insurance Company of New York), and the District of Columbia.

A graded premium life insurance policy. The initial level premium is guaranteed for 20 years. The premiums in years 21-25 increase uniformly. Annual increasing premiums continue through age 99. Policy Form No.1420 (96) or state variations

The owner may exchange this plan for any higher premium plan of insurance allowed by the company. Conversion will be at the attained age, without evidence of insurability. This option is available at any premium due date during the level premium period or to the insured's attained age 75, whichever comes first.