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Ross spent the last 40 years of his career building a successful manufacturing business. Now, at the age of 62, he is ready to retire and recently sold the business to investors. As part of the sale agreement, Ross will continue to receive a monthly income from the business for the next 23 years (to age 85). Ross and his wife Paula are counting on this income to help fund their retirement lifestyle.
To help protect this monthly income for his wife, Paula, Ross needs term insurance coverage well into his 80s. Due to his age, Ross is having difficulty securing term life insurance beyond age 80.
With AIG Select-a-Term®, Ross (Standard Nontobacco) can get $1.5 million of coverage that will last 23 years until he’s 85, for an annual premium of $25,340.1
Get more information about AIG Select-a-Term and other American General Life insurance products.
The cases presented are not actual and are for illustrative purposes only.
1 Premium rates current as of 02/25/08: rates may vary by state. Premiums for the other rate classes, ages and payment plans are available. Premium charges will depend on each applicant’s evidence of insurability. Premiums increase at the end of the guaranteed term if policy is renewed. Death benefit remains level and is payable in lump sum, or installments, if so elected. The insurance company may contest the policy for two years from the date of the policy issue for material misstatements or omissions on the application. Death benefit payable from any cause, except suicide, within first two policy years. In the event of suicide in the first two years, policy is limited to return of premium paid. |
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