American International Group (AIG) announced the launch of AG Platinum Choice VUL, variable universal life insurance issued by American General Life Insurance Company with a flexible design that provides death benefit protection, upside market potential, cash accumulation for future financial needs, and the opportunity to guarantee the death benefit throughout the policy holder’s lifetime.
When combined with the optional Accelerated Access SolutionSM, an available chronic illness rider, the product offers the potential for the policy holder to receive access to an accelerated portion of the death benefit, income-tax-free.
"We believe AG Platinum Choice VUL meets market needs as a robust yet flexible financial vehicle for our valued distribution partners to offer clients, in that it combines customizable life insurance protection with 46 professionally managed investment options from renowned money managers," said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors.
AG Platinum Choice VUL may be particularly well suited for individuals under the age of 65 who need the protection life insurance provides and are:
Seeking market opportunities to accumulate cash value in a tax-favored vehicle to supplement income-producing assets in the future,
Searching for a competitively priced death benefit with long-term guarantees coupled with growth potential, or
Desiring cash accumulation potential, and the opportunity to tailor their policy with optional riders to meet specific, future needs, such as for potential access to living benefits in the event of chronic illness.
For chronic illness protection, the Accelerated Access Solution features flexible benefit payment options, including a unique payout methodology to help guard against inflation.
The Accelerated Access Solution also offers affordable premiums that are fully guaranteed for the life of the contract, and a waiver of monthly premium that applies as long as the policy holder qualifies for benefits – even if he or she chooses not to take the benefits.