HOUSTON – September 18, 2018 – American International Group, Inc. (NYSE: AIG) has announced newly reduced rates for Select-a-Term, the flagship term product issued by American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life). Select-a-Term, long distinguished by a choice of 18 term durations, now features lowered premiums for certain issue ages and risk classes.
“September is Life Insurance Awareness Month and there’s no better time for financial professionals to help clients review their needs and obtain protection,” said Rod Rishel, Chief Executive Officer, Life Insurance, AIG. “The newly reduced premiums for Select-a-Term provide opportunities for consumers and businesses to get customizable coverage at competitive rates.”
AGL and US Life have leading positions in the $500,000 and above market for term life insurance rates. Nationwide, nearly 80 percent of the Select-a-Term premium rates rank in the top two and 86 percent rank in the top three. In New York, 87 percent of the premium rates rank in the top two and 90 percent rank in the top three.
Select-a-Term offers a unique blend of flexibility and reach, including guaranteed level term coverage for 10-year, 15- through 30-year, and 35-year terms, with renewable coverage until age 95. Additionally:
- Select-a-Term remains convertible to a permanent life insurance policy until the insured reaches age 70 or the level-term period ends (whichever occurs first).
- The product offers extended conversion eligibility to the full suite of AGL/US Life permanent life insurance products (excluding Survivorship Universal Life policies) for the first eight years of contracts with 10-year term durations or the first 10 years of contracts with term durations of 15 years or longer.
- Select-a-Term offers a competitive conversion credit that allows a portion of the term premium to be applied to the new permanent policy. This feature is available under the same conversion eligibility rules.