American General Life Insurance Company has revised the rate charts for its AIG Select-a-Term life insurance term life products.

American General, Houston, a unit of American International Group Inc., New York, says the changes will cut the rate that a 40-year-old male in the preferred plus risk category pays for a 20-year, $1.5 million Select-a-Term policy about 16% to $980 per year.

Premiums for a Select-a-Term policy stay the same for a specific number of years.

The Select-a-Term product gives purchasers extra flexibility in setting the duration of the level-premium term.

American General Life is responsible for backing the product guarantees.