American General Life Companies Reprices AG Select-a-TermSM Insurance

American General Life Companies (American General) announced today that it has repriced AG Select-a-Term, issued by American General Life Insurance Company and The United States Life Insurance Company in the City of New York. Considerable price reductions were achieved: up to 9 percent in non-tobacco classes for policies with face values of $500,000 or more. The product’s guaranteed level premiums for 17 available term durations (10-year and 15- through 30-year) provide maximum flexibility and customization.

“AG Select-a-Term has long represented a very attractive combination of flexibility and customization, especially since it offers 17 term durations — four times as many durations than most leading carriers,” said Tim Heslin, Vice President and Head of Product Strategy and Implementation. “Now, AG Select-a-Term features an even more competitive pricing structure than before, with a market-leading position in 20-, 25- and 30-year non-tobacco classes.”

He added, “In today’s economy, having life insurance is more crucial than ever. AG Select-a-Term’s new, lower premiums along with its ultimate flexibility help it perfectly address many family and business needs. What’s more, the repricing of the product supports our commitment to the broker community because, like everything we do at American General Life Companies, it is strategically designed to help our distribution partners succeed in today’s marketplace.”

He continued, “For even greater efficiency, we launched projects in 2012 with three goals: to position American General for strong future growth, improve capital efficiency and reduce expenses. The result is that we are more competitive in our product offerings and have increased our ability to address weak economic conditions.”

Regarding the features of AG Select-a-Term specifically, extended ages and durations provide economical coverage for insured until age 90 and a broad selection of available riders increases customization options. Additionally, AG Select-a-Term is convertible to AG ROP Select-a-Term®, fixed, index and guaranteed universal life insurance, including AG Secure Lifetime GULSM (some conditions and product limitations may apply).