American General Unveils Elite Global Plus II Universal Life Insurance [Professional Services Close – Up]

American General Life Companies announced Elite Global Plus II, a fixed index universal life insurance (IUL) product that provides death benefit protection and the accumulation potential of the carrier's current UL products.

A replacement for American General Elite Global Plus, the new product offers an opportunity for growth in cash value accumulation through highly competitive interest-crediting methodologies based in part on the performance of three indices - the S&P 500, the EURO STOXX 50 Index (Western Europe), and the Hang Seng Index (Hong Kong). Elite Global Plus II features a 5-Year Index Interest Account option that uses these three indices and over-weights the best- performing index while ignoring the poorest performing index when calculating index interest to be credited.

According to the company, policyholders may also choose a 1-Year Index Interest Account with Cap Rate. Its formula is based on 100 percent of the one-year, point-to-point growth of the S&P 500, subject to a cap rate, and provides guaranteed monthly crediting of an interest rate equivalent to 0.25 percent annually, regardless of index performance.

For additional security, policyholders also have the option to allocate all or a portion of each premium to a declared interest account. This rate may be subject to change periodically, but will never be less than 2.00 percent.

"Life insurance is one of the most versatile financial products available, able to serve as a solution for a wide variety of family and business needs - and Elite Global Plus II exemplifies that as part of our broad, competitive product portfolio, which is structured to provide the protection, customization options and flexibility that today's clients seek," said Jim Mallon, President, Life and A & H, American General Life Insurance Company. "This new offering reflects our commitment to staying on the leading edge in terms of delivering what consumers need."

Tim Heslin, American General Vice President, Product Strategy and Implementation, said, "We pioneered global index UL and today have introduced truly significant accumulation potential through Elite Global Plus II. Our 5-year Elite Global Plus II option draws on the diversity of multiple global indices and of course, the tying of cash values for the 1-year account to the S&P 500 brings automatic diversification."

The ability to allocate premiums and policy values to multiple account options allows for efficient repositioning of existing assets. Two types of loans can facilitate flexible access to the high cash values of Elite Plus Global II - and with the particularly attractive Choice Loan option, the loan collateral remains in the account, eligible for index or declared interest.

What's more, two Monthly Guarantee Premiums establish premiums that, if paid timely, ensure the policy will not lapse within designated time frames. Other highlights of American General Elite Global Plus II include:

-death benefit protection, with multiple death benefit options, and

-a variety of optional riders that provide additional features and benefits, including an Overloan Protection Rider that ensures the policy won't lapse because of a large outstanding loan balance.

American General Life Companies is the marketing name for a group of affiliated domestic life insurers.

More information:

http://www.americangeneral.com

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