The new rider called, Accelerated Access Solution will be available on AG Secure Lifetime GUL II, the flexible Guaranteed Universal Life Insurance issued by American General Life Insurance Company.
The company said that the new accelerated benefit rider will offer flexible benefit payment options, including a payout methodology that can be either 2% or 4% of the benefit amount per month, or the policy holder can choose to have the benefit amount set at the maximum Internal Revenue Service (IRS) allowable per diem at the time the benefit is exercised.
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Furthermore, the Accelerated Access Solution will also provide affordable premiums that are fully guaranteed for the life of the contract, and a waiver of monthly premium that applies as long as the policy holder qualifies for benefits.
American General Life Insurance president of life insurance, James Mallon, said: "With the new Accelerated Access Solution on AG Secure Lifetime GUL II, we’re providing policy holders with an affordable way to access their life insurance death benefits while living."
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