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Premium Return Policy Offers Duration Choice

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AIG American General has rolled out the AIG ROP Select-a-Term life insurance product.

Policy purchasers can choose from a list of 17 level-premium term durations, ranging from 15 years to 35 years, and get their base policy premiums returned if they live to the end of the level-premium term, according to AIG American General, Houston, a unit of American International Group Inc., New York.

Policyholders who want to keep their coverage in force at the end of the term can borrow from the cash value, with an annual interest rate of 8%.

Policyholders can convert to a permanent life insurance policy up till age 70 or the end of the level-premium term.

An optional disability income rider available outside New York state can pay a monthly benefit for up to 2 years if the insured is unable to work because of an illness or injury.

AIG American General is issuing the policy through American General Life Insurance Company in most of the country and through U.S. Life Insurance Company in New York state.

American General Life is responsible for backing the guarantees in the policies it writes, and U.S. Life is responsible for backing the guarantees in the policies it writes.