NASHVILLE, Tenn.--(BUSINESS WIRE)--AGLA announces an innovative addition to its highly differentiated Quality of Life…Insurance® suite of products, offered by the Career Distribution and New Career sales channels. AGLAchoice® Guarantee Plus is permanent, universal life insurance issued by American General Life Insurance Company that can provide protection for a customer’s entire lifetime. Like all life insurance, it’s designed to provide for loved ones in the event of a premature death. Yet AGLAchoice® Guarantee Plus also offers customers the option to receive a living benefit to help supplement their retirement income with the newly-developed CustomerChoiceSM Lifestyle Income Rider.
Increased longevity is not just a possibility – statistics show it’s extremely likely. For a married couple age 65, there is a 50% chance that at least one spouse will live to 94, and a 10% chance that one will live to 104.1 Yet the positive aspects of living longer come with financial concerns. In fact, 61% of Americans surveyed said they were more afraid of outliving their assets than they were of death. And, 48% of Americans ages 45-70 have no financial plans in place to protect themselves against outliving their assets and the rising cost of healthcare should they live longer than expected.2
The CustomerChoiceSM Lifestyle Income Rider was developed to help Americans preserve their standard of living. It provides the option to receive a living benefit to help supplement retirement income. If customers need to access a portion of their life insurance at an age late in life, they may do so. However, if they don’t need to withdraw any money while they are living, then their entire life insurance benefit will pass to their policy beneficiaries. (Optimum benefits under the CustomerChoiceSM Lifestyle Income Rider are received at age 85, but benefits can be withdrawn earlier, pursuant to rider terms, as long as the policy has been in force for at least 15 years).
“Together we are changing the way Americans think about, purchase and use life insurance,” says Jim Mallon, President and CEO, Life and A & H, American General Life Insurance Company. “People want safe and secure life insurance protection, but they also want the potential to receive income if they need it. That's the great thing about AGLAchoice® Guarantee Plus and the CustomerChoiceSM Lifestyle Income Rider. Customers can gain financial security against both dying too soon and living too long. It truly is life insurance you don’t have to die to use.”
Even though this rider was launched initially in the Career Distribution channel, Mallon points out that it will be made available to other American General Life Companies sales channels in June. “We are excited to introduce this concept on a broad scale,” he says. “We believe that people today who are concerned about their retirement income will be extremely receptive to such an interesting idea.”
For more information about AGLAchoice® Guarantee Plus and the CustomerChoiceSM Lifestyle Income Rider, visit www.agla.com/gul.
1. The Next Four Decades, The Older Population in the United States: 2010 to 2050 U.S. Department of Commerce, Economics and Statistics Administration, U.S. CENSUS BUREAU, Issued May 2010, P25-1138
2. State of the Insured Retirement Industry: 2012 Recap and a 2013 Outlook, Insured Retirement Institute
Policies and riders issued by American General Life Insurance Company, American General Center, Nashville, TN 37250. For Policy Forms ICC12 AGLA 12UCG and AGLA 12UCG and Rider AGLA 13972 and state variations.
The underwriting risks, financial and contractual obligations and support functions associated with the products issued by American General Life Insurance Company (AGL) are the issuing insurer’s responsibility. Policies and riders not available in all states. AGL does not solicit business in the state of New York. Guarantees are subject to the claims-paying ability of the issuing insurance company.
American General Life Insurance Company provides a wide variety of affordable and innovative life insurance, annuity, accident and supplemental health insurance products to millions of Americans. AGLA is the marketing name for the Career and New Career distribution channels of American General Life. American General Life is known for the highly differentiated Quality of Life…Insurance® product suite, personal customer service and a tradition of excellence spanning more than a century. For more information, please visit www.agla.com/qol.
American General Life Companies, www.americangeneral.com, is the marketing name for a group of affiliated life insurers. American General Life Companies insurers offer a broad spectrum of life insurance and accident & health products to serve the financial and estate planning needs of its customers throughout the United States.
