American General Life Companies Announces AG Choice Index GUL
June 29, 2011 by N/A
| Copyright: | Copyright Business Wire 2011 |
| Source: | Business Wire, Inc. |
| Wordcount: | 895 |
HOUSTON–(BUSINESS WIRE)– American General Life Companies (American General) announces AG Choice Index GULSM, a new fixed index interest, flexible premium, adjustable universal life insurance product with secondary guarantee provisions. The product follows our industry leading Secure Lifetime GUL product that was launched in February, and further demonstrates American General’s commitment to the Guaranteed Universal Life marketplace. AG Choice Index GUL is unique in that it offers policy holders long-term guarantees along with the ability to allocate premium to index accounts providing the potential to accumulate significant cash value. The unique combination of strong death benefit protection, options to customize coverage guarantees to fit individual circumstances, and policy features that provide the potential to build cash value that can be accessed in the future as needs change position AG Choice Index GUL as one of the most flexible products in the market.
Tim Heslin, Vice President, said, “We believe that customers are seeking solutions that provide the ability to achieve higher returns, but are concerned with the volatility of today’s equity markets. AG Choice Index GUL provides the opportunity to capture some of the upside of the equity markets while providing a minimum 1% guarantee to help lessen this volatility. It is a great fit for clients who have a need for permanent, guaranteed protection at an affordable price, and want the opportunity to build tax advantaged, supplemental future retirement income. It provides clients the option to select from three premium allocation choices to best meet their needs — a declared interest account, a one-year index account and a five-year index account. In addition to guaranteed death benefit protection, these interest-crediting accounts feature the opportunity to realize growth in cash value accumulation based in part on the performance of one or more global indices, with the ability to change the allocation instruction at any time.”
Some of the key benefits of AGL Choice Index GUL include:
- Guaranteed death benefit coverage up to age 121, with issue ages from 0-90 (in most states)
- A flexible Continuation Guarantee that allows policy owners to select their guarantee period and premium funding period
- One-year index interest crediting based in part on the one-year, point-to-point growth a domestic index with cap rate and guaranteed interest rate of 1 percent (index does not reflect dividends)
- Five-year index interest crediting based in part on three global indices with automatic overweighting of the two best-performing indices
- Minimum death benefit protection of $100,000, with a choice of two death benefit options (level or increasing)
- A unique combination of death benefit guarantees with the ability to accumulate significant cash value
- Two loan options that provide policy holders with choices on how to access their cash accumulation providing more flexibility than most competing products
- Monthly index accounts that allow flexible scheduling of premium payments
- 24-month rolling targets (may not be available in all states)
“AG Choice Index GUL is structured with a multitude of other customer-friendly features,” said Heslin. “For example, life insurance is more crucial than ever in this economy, yet many families face financial challenges. One friendly feature that has grown quite popular is our premium payment flexibility. Premium payments received within 28 days following the date of issue and each subsequent premium due date are treated as received on time, for purposes of maintaining the death benefit guarantee.”
Also for purposes of maintaining the death benefit guarantee, 1035 exchange premiums received during the first 12 months after the date of issue are treated as if received on the date of issue. Policy withdrawals are allowed (subject to certain restrictions and conditions) anytime after the first policy year and clients have a variety of loan options to access cash values; an Overloan Protection Rider ensures policies won’t lapse with large outstanding loan balances. Multiple other riders are available to meet individual needs.
The process of coverage review, along with a new illustration and a signed application, can be completed quickly and efficiently. American General is a leader in secure online innovation, with eStation, a web-based business resource center featuring sales tools as well as robust eSignature and eSubmission technologies to help expedite the application and underwriting processes.
Heslin continued, “For clients seeking permanent life insurance that offers long-term guarantees with the highest level of flexibility available in the market, AG Choice Index GUL is the right fit. With its combination guarantees and features, this innovative design is unmatched in today’s marketplace.”
For more information about American General’s new AG Choice Index GUL Insurance, call 1-800-677-3311 (Monday – Friday, 7 a.m. – 6 p.m. CT). For more information about eStation, visit http://eStation.americangeneral.com.
Policies issued by:
American General Life Insurance Company
2727-A Allen Parkway, Houston, Texas 77019
Policy Form Number 11474
The underwriting risks, financial and contractual obligations and support functions associated with the products issued by American General Life Insurance Company (AGL) are its responsibility. Guarantees are subject to the claims-paying ability of the issuing insurance company. Policies and riders not available in all states.
American General Life Companies, www.americangeneral.com, is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, Inc., including AGL. American General Life Companies insurers offer a full line of life insurance, annuities, accident & health products and worksite benefits to serve the financial and estate planning needs of its customers throughout the United States.
American General Life Companies
Corporate Communications
Linda Malamut, 310-772-6533
lmalamut@safg.com
Source: American General Life Companies
