Generally speaking, term insurance is as basic as it gets. It’s referred to as “term” because it’s only in effect for a specific period of time. And unlike permanent life insurance, it doesn’t accumulate cash value. So it’s typically the most affordable insurance. It’s designed solely to protect your family, home or savings should anything happen to you. With annually renewable term, your premiums may increase each year; with level term, they stay constant.
All that being said, we’ve managed to include enhancements no other major carriers offer. For example, while most limit you to terms of 10, 15, 20 or 30 years, our term life insurance policies come with 17 different level premium term options, allowing you to exactly match the term to your needs. And with the Return-of-Premium (ROP) Select-a-Term, you can surrender the policy and get your money back—every penny of every premium—should you outlive the term.
- AG Select-a-Term® - an alternative to the usual term periods. Affordable Select-a-Term life insurance provides coverage for 10-year or 15- through 30-year periods
- AG ROP Select-a-Term® - great alternative terms of 15-years or 20-through 35-yearsAND, if you outlive the policy term, can surrender the policy and get your base premiums back (excludes premiums for riders) when the term is up. 1
Policies may contain provisions permitting renewal following the end of the level-premium period, although the term life insurance rates will probably be higher. Some term life insurance policies include an option to convert to a permanent life insurance policy.
1 AG ROP Select-a-Term accumulates a cash value that starts no later than the fifth policy year. At the end of the level premium period, the cash value of the in-force policy equals the total of cumulative premiums paid, less any charges for substandard ratings and riders. If the client surrenders the policy, this amount is paid out, minus any outstanding loan balance. The cash surrender value payment does not take into account the time value of money. Alternatively, the same amount may be rolled into a permanent plan of insurance should the insured be eligible for and choose to exercise the conversion option. Coverage may also be continued beyond the level premium period by payment of increasing annual premiums, and the policy will continue to build cash value until the policy anniversary nearest the insured's 95th birthday when the cash value will equal the face amount of the policy. The cash value, minus any outstanding loan balance, will then be distributed as the endowment benefit if the policy is inforce and the insured is then living. The cash value and endowment benefit are subject to all terms and conditions detailed in the policy.
Policies issued by:
American General Life Insurance Company
2727-A Allen Parkway, Houston, TX 77019
AG Select-a-Term Policy Form Number 07007
AG ROP Select-a-Term Policy Form Number 10001
70 Pine Street, New York, NY 10072
AG Select-a-Term Policy Form Number 09007N
AG ROP Select-a-Term Policy Form Number 10001N
The underwriting risks, financial obligations and support functions associated with the products issued by American General Life Insurance Company (American General Life) and The United States Life Insurance Company in the City of New York (United States Life) are the issuing insurer's responsibility. American General Life Companies, www.americangeneral.com, is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, Inc., including American General Life and United States Life. United States Life is authorized to conduct insurance business in the state of New York. Policies and riders not available in all states.
