Flexible solution offers optional living benefit riders and Return of
HOUSTON--(BUSINESS WIRE)--Dec. 7, 2015--
American International Group (NYSE: AIG) today announced the launch of
Secure Lifetime GUL 3, a flexible premium, adjustable universal life
insurance with secondary guarantee provisions designed to offer
competitive pricing and consumer-friendly features. Issued by American
General Life Insurance Company, the product comes equipped with
competitive features such as a built-in 100 percent return of premium
rider, and optional living benefit riders for longevity and chronic
“While many carriers have dropped out of the Guaranteed Universal Life
(GUL) market, our commitment to our distribution partners and their
clients is stronger than ever before,” said John Deremo, Executive Vice
President and Chief Distribution Officer, Life Insurance, AIG Financial
Distributors. “With Secure Lifetime GUL 3, we’re offering a highly
flexible GUL product, designed to allow clients more control in how life
insurance responds to their evolving needs. Furthermore, the available
return of premium rider offers clients peace of mind that if they feel
protection is no longer needed, they will have the opportunity to
recover their paid premiums.”
The Lifestyle Income Solution, designed to address the financial risks
of longevity, and the Accelerated Access Solution, designed to address
the financial risks of chronic illness, may be purchased with Secure
Lifetime GUL 3 as part of an optional Asset Protector Suite, or either
rider may be purchased individually with the life insurance policy. When
the rider conditions have been met, clients may choose to accelerate a
portion of the policy’s death benefit while still living.
“This solution offers not only a guaranteed death benefit and guaranteed
premiums, but also the ability to adjust the death benefit, access cash
value in a variety of ways, and, through optional death benefit
acceleration riders, potentially receive living benefits,” Deremo said.
“Secure Lifetime GUL 3 is truly a new class of GUL. With its unique
combination of features and benefits, it offers clients unrivaled
Highlights of Secure Lifetime GUL 3 include:
Customizable policy design empowers financial
professionals to structure a guaranteed premium that matches the
client’s personal needs and budget. The client can choose the number
of years or age to which he or she wants the death benefit guaranteed,
then elect to pay premiums over the life of the policy, pay additional
premiums to shorten the payment period, or simply pre-fund the
coverage guarantee. The product defaults to a competitive to-age-105
Guaranteed return of premium through the
integrated Enhanced Value Surrender Rider, which provides two
options for surrendering the policy and recovering paid premiums.
These include 50 percent in year 20, or 100 percent in year 25, capped
at 40 percent of the policy’s specified amount.
Guaranteed cash value accumulation helps ensure
flexibility if needed in the future.
Unique pro-rata adjustments on partial withdrawals feature
allows the policy to remain in force with a proportionally reduced
death benefit and cash values, paying premiums to guarantee coverage.
The launch of Secure Lifetime GUL 3 is supported by field-tested
marketing tools, training, and support systems designed to help
financial professionals educate clients about the product’s value
proposition. For more information about Secure Lifetime GUL 3 and its
many available options and riders, including the Lifestyle Income
Solution® longevity rider and the Accelerated Access Solution®
chronic illness rider within the Asset Protector suite, visit http://www.retirestronger.com.
Policies issued by American General Life Insurance Company (AGL), Policy
Form Numbers 15442, ICC15-15442; Rider Form Numbers 13600, ICC13-13600,
82012, 82410, 88390, 15990, ICC15-15990, 15972, 13601, ICC13-13601 and
82001. AGL is responsible for financial obligations of insurance
products and is a member of American International Group, Inc. (AIG).
Guarantees are backed by the claims-paying ability of AGL. AGL does not
solicit business in the state of New York. Products may not be available
in all states and product features may vary by state. There may be a
charge for each rider selected. See the rider for details regarding the
benefit descriptions, limitations and exclusions. Riders are not
available in all states. Please consult your financial professional or
review the policy and outline of coverage for your state.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 100 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance
| LinkedIn: www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151207005971/en/
Source: American International Group
AIG’s Life Insurance Division
Stasa Cushman, 713-831-6414