American General Life Companies has introduced a monthly income benefit rider to be used in conjunction with it AG Select-a-Term product. The Select Income Rider can be issued with AG Select-a-Term level premium term life insurance to provide a guaranteed monthly income for a specified period of time in addition to the lump sum death benefit from the base policy.
The Select Income Rider:
– Pays a monthly benefit for a period of 60, 120, 180, 240, 300, 360, 420, or 480 months upon the death of the insured.
– Provides a monthly benefit amount of $500 or more.
– Is available only in conjunction with AG Select-a-Term and must be issued at the same time.
“Earlier this year, we strategically priced Select-a-Term more competitively, making this product an incredible value, and we anticipate that the new rider will make it an even more attractive solution for individuals and families,” says Tim Heslin, vice president, American General Life product manager. ”Families live on incomes, not lump sums, and this rider removes any concerns about having to effectively manage a large lump sum over a long period of time.”
Some other carriers have this rider option as well. Call Designs In Life and speak to one of our Marketing Managers for further information.