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American General Life and SBLI Co. Term Life Insurance Plans Help Many People

By Mike Heuer

Whether looking for term life insurance or one of the many varieties of whole life insurance plans that are sold by most insurers, the American General Life Insurance Company has been in business for 160 years and ranks among the top life insurance companies in the United States.

The firm provides coverage for 13 million clients, including individuals, families, businesses and other parties. It has several subsidiary companies, including American General Life, The United States Life Insurance Co. in the City of New York, which also goes by U.S. Life, AGLA, SunAmerica and Western National. In 2012, the firms all formerly merged under a single unit known as the American General Life Companies.

The AGLA term life insurance company primarily serves middle market consumers and small businesses across the United States. SunAmerica specializes in retirement vehicles and insurance products, including variable annuities and whole life insurance products. And Western National specializes in fixed annuities and immediate annuity products, giving the American General Life Insurance Companies a broad range of options for consumers and businesses.

When it comes to term life, nearly all of the American General Life group’s subsidiary firms provide various term life insurance plans, which have level premiums for standard policies and can include term life products with decreasing premiums, annual renewable term life insurance and possibly even return of premium term life products.

The SBLI Term Life Insurance company also offers a variety of term life plans for families and individuals that can help protect financial obligations and family assets. Term life plans are available for periods of 5 years, 10 years, 20 years or 30 years. And a level term life plan will provide a set death benefit for a specific number of years for affordable rates and then expire if the named insured outlives the policy period. Monthly premiums amounts do not change with level term life plans.

SBLI term life insurance plans, like those underwritten by other life insurers, do not require medical exams. In most cases, a term life plan can be renewed with no medical exam required, either, but premiums likely will increase when a new term is purchased.

SBLI also offers convertible term life insurance plans, which can be changed into whole life insurance policies. If the conversion to whole life insurance occurs during a prescribed period of time, no health exam will be required to convert to whole life coverage. And that can be an easy way for people to obtain whole life coverage without an invasive medical exam or family health history being required. But if converting outside of the prescribe conversion period, a medical exam will be necessary.

Another term life plan offered by SBLI is a decreasing term life policy, which has a decreasing death benefit as well as monthly premium amount to reflect the smaller amount of coverage. Such policies are very affordable and work well when paying down a home mortgage over time.