NU Online News Service, Feb. 23, 2004, 9:47 p.m. EST – AIG American General, Houston, has added a flexible-premium policy to its Platinum Investor family of variable universal life products.[@@]

American General designed the new policy, the Platinum FlexDirector, so it will have a high early cash surrender value.

The surrender value can amount to as much as 90% of the premiums paid, American General says.

Purchasers who are under age 60 can choose between a 20-year death benefit guarantee and a death benefit guarantee that extends to age 100. Older purchasers can choose between a death-benefit guarantee that extends to age 80 and a guarantee that extends to age 100.

When a customer combines base coverage with supplemental coverage, the supplemental coverage has a 5-year levelized commission schedule, and the base coverage has a “earned heap” commission schedule, American General says.

American General will pay the commissions on the base coverage over a 12-month period.

American General is a unit of American International Group Inc., New York. AIG’s American General Life Insurance Company is writing the FlexDirector policy and backing the product guarantees.