AIG’s American General Life Companies has unveiled its new lifestyle income rider, which can be issued with AG secure lifetime guaranteed universal life insurance (GUL) policies.

The lifestyle income solution on AG Secure Lifetime GUL is available for issue to individuals aged 18-70 years in particular amounts of $100,000 to $10,000,000.

Commenting on the launch of new rider, AIG Life and Retirement life insurance president and CEO James Mallon said the new rider can effectively turn an American General life insurance product into a guaranteed stream of retirement income.

"AG Secure Lifetime GUL and our new Lifestyle Income Solution provide a compelling package of guarantees and flexibility designed to change the way consumers think about, purchase and use life insurance," Mallon added.

It is an ideal product for people seeking the optionality of buying life insurance to meet their family’s financial needs in worst scenarios and guarantees another source of retirement income.

American General Life Companies is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, including AGL.