American International Group (AIG) has unveiled universal life insurance policy known as Secure Lifetime GUL 3.

The new flexible premium, adjustable universal life insurance plan featuring a secondary guarantee provisions, offers optional living benefit riders and return of premium rider optional living benefit riders and return of premium rider.

AIG Financial Distributors Life Insurance executive vice president and chief distribution officer John Deremo said: "While many carriers have dropped out of the Guaranteed Universal Life (GUL) market, our commitment to our distribution partners and their clients is stronger than ever before.

"With Secure Lifetime GUL 3, we’re offering a highly flexible GUL product, designed to allow clients more control in how life insurance responds to their evolving needs.

"Furthermore, the available return of premium rider offers clients peace of mind that if they feel protection is no longer needed, they will have the opportunity to recover their paid premiums."

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AIG said that the Lifestyle Income Solution, designed to address the financial risks of longevity, and the Accelerated Access Solution, designed to address the financial risks of chronic illness, may be purchased with Secure Lifetime GUL 3 as part of an optional Asset Protector Suite or either rider may be purchased individually with the life insurance policy.

Once the rider conditions are met, the insureds may select to accelerate a portion of the policy’s death benefit while still living.

"This solution offers not only a guaranteed death benefit and guaranteed premiums, but also the ability to adjust the death benefit, access cash value in a variety of ways, and, through optional death benefit acceleration riders, potentially receive living benefits," Deremo added.