American General Life Insurance Company has introduced a new version of the AG Select-a-Term policy.
American General, Houston, will sell the policy in most of the United States, and a sister company, U.S. Life Insurance Company in the City of New York, will sell the policy in New York.
American General and U.S. Life are units of American International Group Inc., New York.
The term product can guarantee a 10-year term of level premiums. The policy also can offer 16 other level-premium terms ranging from 15 to 30 years.
In addition, the policy offers expanded issue ages for many durations and a new endorsement that permits conversions to AG ROP Select-a-Term during the first 2 years of coverage without evidence of insurability.
The updqted policy is convertible to fixed, index and variable universal life policies to the earlier of the end of the term period or attained age 70. Holders can convert to American General’s ContinUL Extend Plus universal life product during the first 60 months of term coverage.
American General is responsible for backing the guarantees in the policies it issues, and U.S. Life is responsible for backing the guarantees in the policies it issues.