American General Life Companies has co-developed a “suite” of life, income, annuity and Roth individual retirement account products for mid-market customers.

The Income Advantage Suite is a package that combines term life insurance with an optional income rider along with an index annuity that can be structured as Roth IRA, says American General, Houston.

The other co-developer, HBW Insurance & Financial Services Inc., Simi Valley, Calif., is a national financial services marketing organization and mid-market specialist.

The suite is a “custom label” product, in that it was designed in conjunction with, and for exclusive distribution by, HBW, says American General.

Key features:

- The term life policy pays a lump sum at death.

- The optional income rider, if selected, pays a guaranteed monthly income for up to 40 years following the insured’s death. The benefit pays in addition to the life policy lump sum benefit.

- The index annuity is a tax-deferred contract for consumers who want to build tax-deferred accumulation.

- The annuity can be structured as a Roth IRA for consumers who are seeking tax-free income in retirement.

The issuing companies are American General Life Insurance Company and The United States Life Insurance Company in the City of New York.

The guarantees are subject to the claims-paying ability of the issuing insurance company, says American General.