American International Group (“AIG”) has launched secure lifetime GUL 3, an adjustable universal life insurance with secondary guarantee provisions, AIG said, that were designed to offer competitive pricing and consumer-friendly features.
Issued by American General Life Insurance Company, the company said that the product comes equipped with a built-in 100 percent return of premium rider, and optional living benefit riders for longevity and chronic illness.
“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, the executive vice president and chief distribution officer of life insurance for 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, according to AIG.
“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,” Mr. 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 optionality.”
Learn more: www.aig.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].