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AIG Unit Adds Term Periods

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American General Life Insurance Company has introduced 5 more term periods for purchasers of a life insurance policy that gives customers an unusually long list of term choices.

American General Life, Houston, a unit of American International Group Inc., New York, says it now will offer term options of 31, 32, 33, 34 and 35 years through the AIG Select-a-Term policy.

Previously, the company was selling the policy with term options of 10 years, 12 years and any number of whole years from 15 years to 30 years.

Customers can use the feature to link the term policy to specific life needs, such as the need to pay off a mortgage or fund a child’s education, American General Life says.

American General Life is responsible for backing the product guarantees.


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