Known as AG Secure Lifetime GUL II, the product will include an integrated Enhanced Surrender Value Rider and will now be available with the new Lifestyle Income Solution that can turn a life insurance product into a guaranteed stream of retirement income.

The coverage is issued by American General Life Insurance Company and The US Life Insurance Company in New York.

Commenting on the launch, American General vice president of product strategy and implementation, Tim Heslin, said: "This product offers not only a guaranteed death benefit and guaranteed premiums for protection, but also the ability to adjust the death benefit and access cash value in a variety of ways including the built-in return of premium feature and the optional Lifestyle Income Solution."

The Lifestyle Income Solution will offer affordable protection against outliving retirement income and an option to receive a portion of life insurance benefits, while consumers are still living, to help supplement other retirement income.

An array of other optional riders will be available with AG Secure Lifetime GUL II to help agents tailor solutions for specific client needs.