A level term life insurance policy has undergone re-pricing, with the result that overall rates are lower and so is the policy fee.

The product is AG Select-a-Term, and it is issued by American General Life Insurance Company, Houston, and The United States Life Insurance Company in The City of New York.

Both issuers are units of American International Group Inc., New York (NYSE:AIG).

The policy fee was lowered to $64, says the company.

The product offers guaranteed level premiums for 17 term durations: 10-year and 15- through 30-year durations.

It also offers:

- Instant rate quotes.

- Face amounts beginning at $100,000.

- Issue ages and durations that make coverage available into the mid-80s for older clients.

- Convertibility to fixed, index and variable universal life policies

- Convertibility in the first 2 years to AG ROP Select-a-Term, a return of premium contract.

Guarantees are subject to the claims-paying ability of the issuing insurance company, the insurer says.

The policy will be a solution for many family and business needs, predicts Mike Murphy, vice president, marketing.