New Term Conversion Product
Effective December 9, 2019, Protection Extend Index Universal Life, issued by American General Life Insurance Company (AGL) will be available. Protection Extend IUL will replace AG Extend IUL, which will no longer be available after December 13, 2019.
This new product, designed on the 2017 CSO Mortality Tables, provides clients with longer guarantees, new features and more index options. It is approved in all states except Vermont and New York. New York is pending approval
Protection Extend IUL offers the benefits of traditional universal life plus the potential for greater growth in the policy value, and the ability to access these funds while living.
• Potential to increase your policy’s value through four index options, including two volatility index options (not available in NY)
• New Account Value Enhancement (AVE) from year 6+ (varies by account but guaranteed no less than 0.75%)
• New Built-in Return of Premium (ROP) feature through Enhanced Cash Surrender Value Rider (50% in year 20 and 100% in year 25, up to 40% of death benefit)
• New Up to lifetime death benefit guarantee through built-in Guaranteed Minimum Death Benefit rider – most attractive at life expectancy guarantee
• Fixed declared Interest Account with a minimum guaranteed rate of 2%
• Fixed and Participation loans available
• Other Riders Include:
Select Income Rider
Terminal Illness Benefit
Accidental Death Benefit
Children’s Insurance Benefit
Waiver of Monthly Deduction
As of January 1, 2020, all life insurance policies are required to use the updated 2017 CSO Mortality Tables. To receive the 2001 CSO compliant AG Extend IUL product, new applications must be received in good order on or prior to December 13, 2019.