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October 09, 2006 at 12:06 PM
American General Life Insurance Company has launched a new index single-premium deferred annuity that offers clients different time options for benefit payout.
The company, a unit of American International Group Inc., New York, says its new VisionAdvantage Annuity comes with a choice of 5-, 7- and 9-year terms. The varying terms give clients a chance to benefit from potential market growth and to reevaluate their financial situation later if their needs change, American General says.
VisionAdvantage buyers can allocate funds among 4 indexed accounts that credit interest based partly on the performance of the S&P 500 Index. The annuity also includes a fixed-interest component that earns a minimum guaranteed rate.
