HOUSTON--(BUSINESS WIRE)--American General Life Companies (American General) announces the availability of AG Secure Survivor GUL II, individual joint and last survivor guaranteed universal life insurance featuring more OptionalitySM — flexibility to adapt the policy to evolving needs in the future.
“AG Secure Survivor GUL II offers highly flexible features as well as powerful guarantees in a second-to-die policy. This innovative protection product is designed to give clients more control during uncertain economic times and provide more peace of mind for risk-averse clients.”
“AG Secure Survivor GUL II is further manifestation of our commitment to continue enhancing our broad and diverse product portfolio to help our distribution partners provide the flexibility and guarantees that clients today are seeking,” said James A. Mallon, President, Life Insurance, American General Life Insurance Company. “This product can be a very attractive solution for a variety of family and business needs.”
Tim Heslin, Vice President, Product Strategy and Implementation, said, “AG Secure Survivor GUL II offers highly flexible features as well as powerful guarantees in a second-to-die policy. This innovative protection product is designed to give clients more control during uncertain economic times and provide more peace of mind for risk-averse clients.”
Among the key benefits of AG Secure Survivor GUL II are:
- Guaranteed death benefit and premiums, which help provide protection that can be relied upon, even during changing needs, economic conditions and tax environments
- The ability to reduce the death benefit and premiums in future years without losing guarantees
- A no-cost Enhanced Surrender Value Rider which allows a potential for a return of up to 100 percent of premiums paid (see rider for details)
- Guaranteed tabular cash values that provide attractive flexibility for customers
- Option to extend coverage beyond the original maturity date, with some conditions applying1
One policy insures two people, so AG Secure Survivor GUL II is more affordable for spouses than buying two individual policies. Liquidity needs frequently arise after the second death, and AG Secure Survivor GUL II can be a valuable tool to help fund estate and gift tax obligations, or to replace assets gifted to charity.
AG Secure Survivor GUL II is also a flexible way to equalize inheritances among heirs. It can provide a specified, guaranteed amount to one child to help equalize assets among several, when a business interest or other major asset is being left to only one child.
Further, AG Secure Survivor GUL II can be advantageous in providing capital for business planning and succession. The product can be leveraged to provide working capital or to ensure business continuity at the death of a business owner or key employee.
Indeed, with its guaranteed death benefit, guaranteed access and guaranteed cash value, AG Secure Survivor GUL II may be an optimal solution for business needs as well as for families seeking long-lasting protection, the power to ensure a legacy and the flexibility to exercise more control over their life insurance policy as their individual circumstances and the economic climate evolve.
Policies issued by:
American General Life Insurance Company (AGL)
2727-A Allen Parkway, Houston, Texas 77019
Policy Form Numbers 13239; ICC13-13239, Enhanced Surrender Value Rider Form Number 11990, ICC-11990; Four-Year Term Rider Form Number 01904.
|1||Policy may be subject to tax consequences when continued beyond the maturity date and may not qualify as life insurance under the Internal Revenue Code after age 100; therefore, policy owners should consult a tax advisor before electing this option.|
The underwriting risks, financial and contractual obligations and support functions associated with the products issued by AGL are its responsibility. Guarantees are subject to the claims-paying ability of the issuing insurance company. AGL does not solicit business in New York. Policies and riders are not available in all states.
American General Life Companies, www.americangeneral.com, is the marketing name for a group of affiliated domestic life insurers, including AGL.