American General Life Companies, LLC provides life insurance products to individuals and businesses in the United States. It offers deferred and immediate income annuities, individual health insurance, life insurance, and long term care insurance products to individuals; term life, level term life, 50-plus term life, accidental death and dismemberment, dental, hospital indemnity, hospital accident, long-term disability, business overhead expense, and retirement disability income insurance to associations or affinity groups; and employee benefit solutions. The company distributes its products through independent marketing organizations, brokerage general agencies, national marketing organizat...
2929 Allen Parkway
Houston, TX 77019
Founded in 1925
American General Life Companies Launches Accelerated Access Solution
Dec 9 13
Life insurance policy holders who become diagnosed with a chronic illness can now access their policy's death benefits, income tax free (based on current tax laws), through a new, innovative rider offered by American General Life Companies (American General), a part of AIG. The Accelerated Access Solution(SM) is available on AG Secure Lifetime GUL(R) II, the highly flexible Guaranteed Universal Life Insurance issued by American General Life Insurance Company. The Accelerated Access Solution features flexible benefit payment options, including a unique payout methodology to help protect against inflation. The payout can be either 2% or 4% of the benefit amount per month, or the policy holder can choose to have the benefit amount set at the maximum Internal Revenue Service (IRS) allowable per diem at the time the benefit is exercised. The Accelerated Access Solution also offers affordable premiums that are fully guaranteed for the life of the contract, and a waiver of monthly premium that applies as long as the policy holder qualifies for benefits -- even if he or she chooses not to take the benefits. A policy holder can qualify for the accelerated access to benefits if a Licensed Health Care Practitioner certifies that for at least 90 days, the insured has been unable to perform, without substantial assistance from another person, at least two of the six Activities of Daily Living (bathing, continence, dressing, eating, toileting, transferring) or has suffered from a severe cognitive impairment (measured by clinical evidence and cognitive tests). A Licensed Healthcare Practitioner must also certify that the conditions are likely to be permanent. The Accelerated Access Solution on AG Secure Lifetime GUL II can be appropriate for consumers who know they need life insurance to protect them and their families; who have experienced a recent health care event with a family member or friend, and realize how expensive it can be; who realize that they need an additional financial safety net in the event of an unexpected chronic illness; and who are generally in good health but want options in the event their health deteriorates later in life. As with most products, some conditions and limitations apply, and a policy holder should consult a qualified tax advisor. However, the Accelerated Access Solution on Secure Lifetime GUL II can serve as a highly flexible solution for some of life's most pressing needs, helping consumers make the most of their budgets.