American International Group (AIG) announced the launch of Secure Lifetime GUL 3, a flexible premium, adjustable universal life insurance with secondary guarantee provisions designed to offer competitive pricing and consumer-friendly features.
Issued by American General Life Insurance Company, the product comes equipped with competitive features such as a built-in 100 percent return of premium rider, and optional living benefit riders for longevity and chronic illness.
"While many carriers have dropped out of the Guaranteed Universal Life (GUL) market, our commitment to our distribution partners and their clients is stronger than ever before," said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors.
The Lifestyle Income Solution, designed to address the financial risks of longevity, and the Accelerated Access Solution, designed to address the financial risks of chronic illness, may be purchased with Secure Lifetime GUL 3 as part of an optional Asset Protector Suite, or either rider may be purchased individually with the life insurance policy. When the rider conditions have been met, clients may choose to accelerate a portion of the policy’s death benefit while still living.
Highlights of Secure Lifetime GUL 3 include:
Customizable policy design empowers financial professionals to structure a guaranteed premium that matches the client’s personal needs and budget. The client can choose the number of years or age to which he or she wants the death benefit guaranteed, then elect to pay premiums over the life of the policy, pay additional premiums to shorten the payment period, or simply pre-fund the coverage guarantee. The product defaults to a competitive to-age-105 guarantee.
Guaranteed return of premium through the integrated Enhanced Value Surrender Rider, which provides two options for surrendering the policy and recovering paid premiums. These include 50 percent in year 20, or 100 percent in year 25, capped at 40 percent of the policy’s specified amount.
Guaranteed cash value accumulation helps ensure flexibility if needed in the future.
Unique pro-rata adjustments on partial withdrawals feature allows the policy to remain in force with a proportionally reduced death benefit and cash values, paying premiums to guarantee coverage.
The launch of Secure Lifetime GUL 3 is supported by field-tested marketing tools, training, and support systems designed to help financial professionals educate clients about the product’s value proposition.