American General Life Insurance Company has introduced five additional term periods for its term life insurance product, AIG Select-a-Term. Previously, terms were available for years 10, 12 and 15 through 30, but now customers may also choose from terms of 31 to 35 years depending on issue age and tobacco usage status.
The additional term periods for AIG Select-a-Term enables customers to link their term policy to specific life events, including retirement, the pay-off of a mortgage, or funding their child’s education.
AIG Select-a-Term also offers guaranteed death benefit coverage with a conversion feature that allows the policy owner to exchange the term policy for permanent life insurance coverage, as well as a terminal illness endorsement with the option to accelerate an amount of the initial policy’s death benefit in qualifying circumstances.
Rod Rishel, vice president of fixed life products at AIG American General, said: With January’s rate changes and our newly expanded term periods, agents are able to offer an enhanced AIG Select-a-Term to their customers.