American General Life Companies has unveiled a new life insurance product ContinUL, which offers death benefit coverage with secondary guarantees and features that allow for customization.

The ContinUL, issued by American General Life Insurance Company and The United States Life Insurance Company in the City of New York, enables policy holders to select the amount of coverage needed, the duration of the policy’s death benefit coverage guarantee, and the length of time to pay premiums based on individual needs.

In addition, the new policy also offers a flexible premium payment window and riders allowing coverage enhancements for the policy holder and family members.

David O’Leary, executive vice president and chief operating officer of American General, said: “This product represents American General’s return to the low cost guaranteed universal life market. Customers will have the comfort of knowing the specific premium needed to guarantee the death benefit, eliminating concerns about changes in interest rates or other factors impacting the policy’s cash value.”

Tim Heslin, vice president of UL product manager at American General, said: “The low-cost guaranteed universal life market is extremely important to both our customers and distribution partners, as recent economic events have placed more value on guarantees. ContinUL marks our return to this market providing enhanced flexibility at an extremely competitive price; particularly for insured ages 60 and under.”