American General Life Companies has released a new Universal Life (UL) insurance product designed for clients who need a guaranteed, affordable permanent death benefit.

Ideal for older clients, policies can be issued to age 80, and coverage guarantees can be tailored to specific clients and needs to as long as age 121. The product has guaranteed level premiums and cash value accumulation. Partial withdrawals allow clients to access cash accumulation values when needed.

“We developed AG Secure Lifetime GUL to meet the need in today’s market for a competitively priced life insurance product that offers security through guaranteed cash buildup,” said Tim Heslin, American General vice president and product line business leader. “Guaranteed access creates future flexibility and choice as needs change. It’s more affordable than whole life and, like traditional UL, provides access to cash that can come in handy during retirement or emergencies later in life. Unlike typical guaranteed UL policies available today, the cash and access to it are guaranteed.”

Agent compensation for the product has been structured aggressively, according to Heslin, and the application process is designed to be consumer friendly and to preserve guarantees in the event of late premium payments. American General also offers its eStation, a web-based business resource center featuring sales tools and technologies to help expedite the application and underwriting process.

For more information about American General’s new AG Secure Lifetime GUL, call 1-800-677-3311.