American General Life Companies is selling a universal life policy that guarantees the death benefit despite interest or policy value changes.
Called ContinUL Extend Plus, the policy allows the customer to select the face amount, duration of death benefit guarantee and length of time to pay premiums, says American General.
The coverage stays in force, regardless of fluctuations in interest rates or policy value, as long as sufficient premium is paid to guarantee the death benefit, the company says.
–4 non-tobacco underwriting classes, including standard.
–Riders include accidental death benefit, children’s insurance benefit, spouse-other insured, acceleration for terminal illness (but not in New York) and waiver of monthly deduction in the event of total disability.
–Policyholders can increase or decrease the death benefit and make policy loans and withdrawals.
The policy is issued by American General Life Insurance Company, Houston, and, in New York, the United States Life Insurance Company in the City of New York. Both insurers are units of American International Group Inc., New York.