American General Life Companies, a part of AIG, has rolled out a new rider, to allow life insurance policyholders who have been diagnosed with a chronic illness to access their policy's death benefits, income tax free.
Dubbed as the Accelerated Access Solution, the rider is available on AG Secure Lifetime GUL II, the highly flexible Guaranteed Universal Life Insurance issued by American General.
American General life insurance president James Mallon said, "American General and our distribution partners are committed to meeting the needs of consumers for smart solutions that provide protection, flexibility and value."
"With the new Accelerated Access Solution on AG Secure Lifetime GUL II, we’re providing policy holders with an affordable way to access their life insurance death benefits while living."
American General product management vice president Jay Drucker commented, "This new accelerated benefit rider can turn AG Secure Lifetime GUL II into life insurance the client doesn’t have to die to use."
According to the underwriter, the funds from the rider can be used to help pay for assisted living, nursing home care, adult daycare, and more virtually any expense, when the health impairment criteria for the rider are met.
Featuring flexible benefit payment options, such as a unique payout methodology to help protect against inflation, the Accelerated Access Solution also provides affordable premiums that are fully guaranteed for the life of the contract, and a waiver of monthly premium for policyholders who qualify for benefits.