A New and Improved Term Product

American International Group, Inc. announced recently that it has repriced and further enhanced Select-aTerm, the 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 now offers reduced, market-leading rates; 18 term durations, including a new 35-year term; a new, lower band (policies with face values from $50,000–$99,999 available for standard-class underwriting); and a highly competitive conversion credit feature.

“With its new, market-leading rates and enhanced flexibility, Select-a-Term is designed to offer clients undeniable value and utility,” said Rod Rishel, Chief Executive Officer of Life, Health and Disability, AIG Consumer Insurance. “In a time when many consumers and businesses still lack the protection of life insurance, this product offers the opportunity for them to gain the amount of coverage needed at affordable rates.”

Select-a-Term offers a unique combination of flexibility and reach: guaranteed level term coverage for the new 35-year duration or popular 10-year and 15- through 30-year terms. The breadth of coverage is designed to help clients tailor their life insurance policies to their specific needs; in fact, the company points out, the issue ages and durations make coverage available until age 95 for some clients. For the new, lower band of Select-a-Term policies ($50,000–$99,999 in standard class), non-medical underwriting is offered up to age 59. Only medical history is required; no medical exams are needed.

Select-a-Term is fully convertible to a permanent life insurance policy up to the end of the level-premium period or age 70 of the insured, whichever comes first. The product offers extended conversion eligibility to the full suite of permanent life insurance contracts from AGL/US Life for the first 10 years of term durations of 15 years or longer. Furthermore, while most other term life policies do not offer conversion credits, Select-a-Term’s new conversion credit feature allows for a portion of the term premiums to be applied to the new permanent life insurance policy, according to the company.

For more information, visit www.aig.com/termlife.