American General Life Insurance Company - Tried, Tested and Trusted
American General Life Insurance Co. has been a BBB accredited business since 1961. Serving over 13 million customers, American General offers an impressive 160+ years of experience and knowledge in the life insurance industry. And this company's insurers have paid out well over $30 billion in claims and benefits.
This company's offerings are available in five types, including term, whole life and private placement.
Customers who are interested in American General can choose from term or permanent life insurance at many levels. For term, the customer is afforded a way to get simple and inexpensive coverage, along with the benefit of renewing once the contract period expires. Term coverage with this company is available in one, five, ten, 15, 20, or thirty year spans. The customer can also choose the Select-A-Term option, which offers terms from ten to thirty years.
Customers looking to build cash will want to review American General's selection of permanent life insurance options, which builds cash value on a tax-deferred basis. Permanent life products include whole life and universal, which offers flexible premiums.
Universal Life Insurance
Universal life with this company allows the customer to choose their premium and the amount of coverage they need by offering a range of options. With a universal policy, the customer can:
- Adjust the amount of coverage and premium paid as their needs change;
- Tax-deferred interest can be earned by placing premium payments into a cash value account, with a rate set by American General
- Have the costs and expenses of their policy deducted from premium payments from the cash value account
The universal products offered are the AG Secure Lifetime GUL, the ContinUL, ContinUL Extend Plus and the Elite UL.
Index Interest Universal Life
One of this company's more innovative options, Index Interest Universal Life may offer more cash value growth than a non-indexed policy. This product operates with an index interest crediting methodology which has its roots in how one or more financial indices perform. One example of an indicator of this type is the S&P 500. The interest is then calculated on changes in the indices, and then credited to the policy holder.
There are risks with this product, however.. For example if one or more of the indices mentioned previously should perform poorly, the index interest you receive will be less than that received from policies which declare their rates. It's also possible that you could receive no interest.
Index Universal Life policies offered include the Elite Survivor Index, AG Choice Index GUL and Elite Global Plus.
Whole Life Insurance
This is the most commonly-purchased permanent coverage, most likely because it provides policy holders with the security of guaranteed cash values and a guaranteed death benefit. Policy holders can grow their cash value accounts on a tax-deferred basis, as a part of every premium payment is applied to their accounts.
Customers may also be eligible to receive dividends declared from insurer surplus, as well as earn additional interest once a period of time has passed. Unfortunately, these are not guaranteed by American General.
This product offers customers the opportunity to have their base premiums returned when they surrender their policy as the result of non-termination due to death. The cash returned can be put to use by the customer for any number of expenses, such as medical bills or retirement.
Select-A-Term also allows customers to borrow against policy cash while still being covered by term life insurance. And if the customer stops making premium payments, their policy may revert automatically to a reduced death benefit, paid-up policy. Projected policy values for each year can be obtained for the purpose of quote customization.
Getting Your American General Quote
Although incredibly informative, the American General Life Insurance web site gives little details about what constitutes eligibility. Instead, they encourage contact via email or phone to best help the customer choose the perfect level and type of product.
Review the most reputable life insurance companies in the industry in order to make a choice that you can trust. This is not a decision best left to chance, and procrastination can be disastrous. We've helped by making the research available to you at your fingertips.