American General Life has unveiled AG Secure Lifetime GUL, a new universal life insurance product designed for clients who need a guaranteed permanent death benefit.
The insurer said that the new product is structured to provide more guarantees and flexibility than traditional guaranteed UL, policies can be issued to age 80, with guaranteed level premiums and cash value accumulation. Partial withdrawals enable access to cash accumulation values.
American General Life vice president and product line business leader Tim Heslin said the company developed AG Secure Lifetime GUL to meet the need in today’s market for a competitively priced life insurance product that offers security through guaranteed cash buildup.
"Guaranteed access creates future flexibility and choice as needs change. It’s more affordable than whole life and, like traditional UL, provides access to cash that can come in handy during retirement or emergencies later in life. Unlike typical guaranteed UL policies available today, the cash and access to it are guaranteed," Heslin said.
American General Life senior vice president of strategic marketing and business development Erik Baden said the added feature of guaranteed, accessible cash values makes AG Secure Lifetime GUL an especially attractive and flexible solution for all ages, including the older age market. Coverage guarantees can be tailored to specific clients and needs to as long as age 121.
"With the flexibility to withdraw cash and continue proportionally reduced coverage and premiums, and its combination of secure cash accumulation, affordable price and competitive compensation, we believe it offers a unique selling opportunity," Baden said.
American General Life Companies is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group.
American General Life Companies insurers offer a life insurance, fixed annuities, accident & health products and worksite benefits to serve the financial and estate planning needs of its customers throughout the US.