American General Life Companies, a part of AIG, has rolled out a highly flexible guaranteed universal life insurance policy, known as AG Secure Lifetime GUL II.

Issued by American General and US Life Insurance Company in the City of New York, the new product comprises an integrated enhanced surrender value rider, a return of premium feature.

The product is now available with the new Lifestyle Income Solution that can transform a life insurance policy into a guaranteed stream of retirement income.

American General product strategy and implementation vice president Tim Heslin said the policy is designed to provide clients more control over how the product addresses their unique and evolving needs.

Besides offering guaranteed death benefit and premiums for protection, the product also provides the ability to adjust the death benefit and access cash value through the built-in return of premium feature and the optional Lifestyle Income Solution, Heslin added.

Catering affordable protection against outliving retirement income, the Lifestyle Income Solution offers the option to receive a portion of life insurance benefits, while consumers are still living, to help supplement other retirement income.