American General Life
American General Life Companies (American General), a part of AIG, has introduced the Lifestyle Income Rider. This new rider can be issued with AG Secure Lifetime GUL policies.
This new rider can effectively turn an American General life insurance product into a guaranteed stream of retirement income. AG Secure Lifetime GUL was originally developed to provide a guaranteed death benefit, guaranteed access and guaranteed cash value. The new Lifestyle Income Rider enhances that with affordable protection against the valid fear of outliving retirement income, giving policyholders the option to receive a living benefit from their life insurance policy. It features guaranteed monthly withdrawal benefits after as few as 15 years, regardless of the cash surrender value within the policy. Further, clients have the flexibility to transform a portion of their life insurance benefit while they are still living to help supplement their retirement income. They can choose this living benefit and then stop it during payout if they decide they no longer need it and want to maintain a life insurance benefit. If they stop the living benefit, they can restart it at a later date.
The Lifestyle Income Rider on AG Secure LifeTime GUL is available for issue ages 18 to 70 in specified amounts of $100,000 to $10,000,000 (conditions and limitations apply; see your agent for details). The rider, which has its own premium, must be issued in conjunction with the terminal illness rider on AG Secure Lifetime GUL.
