Units of MetLife Inc. and units of American International Group Inc. have updated their universal life products.

MetLife Investors USA Insurance Company and Metropolitan Life Insurance Company, subsidiaries of MetLife, New York, have changed the Equity Advantage variable universal life policy to increase holders’ ability to accumulate cash value.

The product previously offered guaranteed minimum death benefit riders that could guarantee benefits up till age 65. The new rider can provide guarantees up till age 85 and also can provide a lifetime guarantee, MetLife says.

MetLife also has reduced the sales charge for premiums paid over the target premium, changed the schedule of mortality and expense charges, and, in most states, reduced the surrender charge period to 10 years, from 15 years, the company says.

MetLife Investors issues the policies and backs the guarantees in most states. Metropolitan Life issues the policies and backs the guarantees in New York state.

In related news, AIG American General, Houston, a subsidiary of AIG, New York, has added features to its AIG ContinUL Extend UL insurance policy.

The company has lowered premiums across most ages and underwriting classes, and it has added a fourth no-tobacco underwriting class, Standard Plus NT.

American General Life Insurance Company writes the policy and backs the product guarantees in most of the country.

United States Life Insurance Company, New York, a sister company, writes the product in New York and backs the guarantees there.