American General Life has launched AG Secure Survivor GUL II, an individual joint and last survivor guaranteed universal life insurance policy featuring more flexibility to adapt the policy to growing needs in the future.

The new policy will offer guaranteed tabular cash values, guaranteed death benefit and premiums, ability to reduce death benefit and premiums in future years without losing guarantees. Also included is an option to extend coverage beyond the original maturity date, and a free surrender value rider.

AG Secure Survivor GUL II is more affordable for spouses as one policy insures two people.

The flexible policy is helpful in providing capital for business planning and succession and can also be extended to provide working capital at the death of a business owner.

American General Life product strategy and implementation vice president Tim Heslin said that the new protection product is designed to give clients more control during uncertain economic times.

"AG Secure Survivor GUL II offers highly flexible features as well as powerful guarantees in a second-to-die policy," Heslin added.