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Universal Life Insurance
Through powerful guarantees in a second-to-die policy, it helps to provide more control during uncertain economic times, and more peace of mind.
The policy covers two people, you and your spouse, for example. The death benefit is paid upon the second death, when your estate will pass to your heirs and when the bulk of estate taxes are frequently due. Because one policy insures two people, AG Secure Survivor GUL II is more affordable for spouses than buying two individual policies.
Liquidity needs most often arise after the second death and AG Secure Survivor GUL II can provide the funds to pay estate obligations, or replace assets gifted during life. AG Secure Survivor GUL II is also a flexible way to help equalize inheritances among your heirs. For example, it can provide a specified, guaranteed amount to one child when a business interest or other major asset is left to another.
- Guaranteed death benefit protection
- Flexible Continuation Guarantee allows policy owners to select their guarantee period and premium funding period
- Guaranteed cash value accumulation provides flexibility if needed in the future1
- Pro-rata adjustments on partial withdrawals allow policy to remain in force with proportionally reduced death benefit, cash values, and guaranteed premiums
- Consumer-friendly features
– for purposes of maintaining death benefit guarantees, premium payments received within 28 days following date of issue and each subsequent premium due date are treated as received on time
– for purposes of maintaining death benefit guarantees, 1035 exchange premiums are treated as if received on the date of issue2
- Return of premium rider provides a one-time option for an enhanced full surrender, during the 60-day period following the end of policy year 15
- The amount of the enhanced cash surrender value is typically a percentage of the total premium paid, net of partial withdrawals and outstanding loans. See the Rider for details.
- There is no charge for this optional rider; it will be attached at issue and cannot be terminated by policyowner request
- Estate protection rider provides last survivor term insurance coverage during the
first four policy years.
- The additional death benefit is equal to 125 percent of the policy’s initial specified amount
- There is a charge for this optional rider; it can only be added at issue and terminates
after four years.
Allows the policy owner to elect to extend the coverage under the policy beyond the original maturity date. If this option is elected, then starting on the original maturity date, (1) the policy death benefit is set to equal the death benefit in effect immediately prior to the original maturity date, (2) no monthly deductions will be made, and (3) no new premium payments will be accepted. There are no additional charges associated with this benefit.
1 Accessing cash values may affect the continuation guarantee.
2 Internal Revenue Code Section 1035 and associated rules are complex in nature. The policy owner may incur surrender charges from the previous policy and be subject to new sales and surrender charges as well as other limitations with the new policy. It is highly recommended that the policy owner consult a tax advisor prior to exchanging a policy.
3 See the riders for complete details. There may be a charge for each rider selected. Adding or deleting riders and increasing or decreasing coverage under existing riders can have tax consequences. Policy owners should consult a tax advisor prior to exchanging their policy.
4 Policies may be subject to tax consequences when continued beyond the maturity date. The policy may not qualify as life insurance under the Internal Revenue Code after age 100.Policy owners should consult a tax advisor before electing this option.
Guarantees are subject to the claims-paying ability of the issuing insurance company. Subject to the policy’s terms and conditions. Partial withdrawals or loans will reduce the death benefit and cash value and could reduce the duration of coverage. Partial withdrawals may be taxed as regular earnings. Policy owners should consult a tax advisor to determine if a transaction is a taxable event.
Policies issued by:
2727-A Allen Parkway, Houston, TX 77019
Policy Form Numbers 13239, ICC13-13239;
Enhanced Surrender Value Rider
Form 11990, ICC-11990;
Four-Year Term Rider Form 01904.
The underwriting risks, financial and contractual obligations and support functions associated with the products issued by AGL are the issuing insurer’s responsibility. Guarantees are subject to the claims-paying ability of the issuing insurance company. AGL does not solicit business in the state of New York. Policies and riders not available in all states. American General Life Companies, www.americangeneral.com, is the marketing name for a group of affiliated domestic life insurers, including AGL. These product specifications are not intended to be all-inclusive of product information. State variations may apply. Please refer to the policy for complete details. Please note that AGL is solely the provider of insurance products. The company, its employees, agents, representatives, and its affiliates do not provide tax, legal, or financial advice. No representation or warranty, express or implied, is made by AGL and its affiliates as to the completeness of the information in this document. It is strongly suggested any insured or proposed insured should consult their personal tax, legal, or financial experts or advisors with any questions.