American General Life Insurance Company has introduced two riders for consumers who want to protect themselves against loss of income as well as against loss of life.
American General Life, Houston, a unit of American International Group Inc., New York, will be selling one of the riders with its ROP Term term life insurance policy and the other with its LTG Ultra term life insurance policy.
The ROP Term policy offers a return-of-premium provision for insureds who end up not using policy benefits.
The LTG Ultra policy is similar but does not provide any cash value or premium refund benefits, according to American General Life.
American General Life will sell the disability riders to consumers without requiring additional underwriting if the consumers buy term life policies with death benefits of at least $250,000, and they qualify for standard or better term life rates.