AIG: Product Premium Limit Update
On March 13, 2020, American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life) implemented a premium cap reduction to GUL and VULG. With the recent pricing adjustment, they are making premium cap updates on June 27, 2020 to better support distribution partners and clients.
Please see maximum premium amounts allowed in any policy year on the following products, including planned premium, lump sums or 1035 exchanges:
• Secure Lifetime GUL 3: New $1,500,000 premium cap limit. (Previous cap was $500,000) New home office approval review for cases that exceed cap
• Platinum Choice VUL 2: $1,000,000 premium cap limit. New home office approval review for cases that exceed cap
Winflex Web illustration systems will be updated with new premium limit messaging information for home office review on June 26, 2020. Any case with premium greater than or equal to the amounts listed above in any policy year must be submitted for home office review and approval on and after the effective date.
Please let us know if you have any questions - give us a call at 1-800-792-6795.