According to American General, the Lifestyle Income Solution on AG Secure Lifetime GUL will be available for issue ages 18-70 in specified amounts of $100,000 to $10,000,000. The Lifestyle Income Solution, which has its own premium, must be issued in conjunction with the Terminal Illness Rider on AG Secure Lifetime GUL.
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AIG Life and Retirement president and CEO of life insurance, James Mallon, said: "AG Secure Lifetime GUL and our new Lifestyle Income Solution provide a compelling package of guarantees and flexibility designed to change the way consumers think about, purchase and use life insurance.
"This latest innovation further enhances our broad, diverse family of differentiated products that help safeguard families and businesses, and gives our valued distribution partners another offering they can utilize to help meet the unique needs of their clients," Mallon added.
American General vice president of product strategy and implementation, Tim Heslin, said: "Now, our available Lifestyle Income Solution offers affordable protection against the valid fear of outliving retirement income, giving policy holders the option to receive a remarkable living benefit from their life insurance policy."
"Our Lifestyle Income Solution features guaranteed monthly withdrawal benefits after as few as 15 years, regardless of the cash surrender value within the policy," Heslin added.
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