The new products offer many enhancements, including longer death benefit guarantees, lower internal costs, and added flexibility, and were developed to address public concerns with the current market environment, including lower interest rates and a volatile stock market.

Both products offer enhanced life insurance protection by extending the period of time that policy-holders can assure themselves of a guaranteed death benefit. The new variable universal life product, American Express Variable Universal Life IV, features an income tax-free death benefit guarantee to age 100, which can provide clients the certainty of insurance protection, regardless of market conditions. The new universal life policy, American Express Life Protection Select, offers a guaranteed lifetime death benefit that passes to the beneficiary income tax-free.

Tim Bechtold, president of IDS Life Insurance, said, “By extending the death benefit guarantees for both our new universal and variable universal life insurance contracts, we are providing clients with added reassurance in a time of market uncertainty.”

Another new feature of the American Express life insurance products is an optional term insurance rider that gives clients additional flexibility to structure their policy. Clients may choose to purchase a combination of term insurance and permanent insurance, which may lower costs over the short term while maintaining a larger death benefit.

“This additional flexibility allows clients to use one insurance product to address a variety of financial planning needs in the event of death,” Bechtold said. “This would include both long term needs, such as providing income to a surviving spouse, and short term needs, such as funding a college education.”

American Express Variable Universal Life IV allows clients to choose from 56 different variable investment options and a fixed account with a guaranteed return of at least 4 percent. And to help smooth out bumps in market performance, policyholders can use asset allocation in combination with automatic portfolio re-balancing and dollar cost averaging with no tax consequences.

American Express Life Protection Select, which offers a fixed rate of return with no stock market exposure, rewards clients who maintain their policy for longer than ten years with a special credit that offers additional value to the client.

“American Express now offers insurance products that are shaped to meet your needs over time. You retain control over decisions affecting the premium, death benefit, and cash value. And you have the flexibility to change your insurance amount and premium amount as your life needs change,” said Bechtold.

Clients who need a death benefit of one million dollars or greater may also qualify for an estate series version of both American Express Variable Life Insurance IV and American Express Life Protection Select -- both of which feature lower insurance charges and fees.

American Express Financial Advisors is one of the nation's leading financial planning companies. It is part of the American Express Financial Corporation, which currently owns or manages more than $192 billion in assets. Through a network of more than 9,900 financial advisors and its online services, the company provides comprehensive, long-term advisory services and high quality financial products to more than 2.6 million clients throughout the United States. Financial advisors offer financial planning advice through American Express Financial Advisors Inc. Life insurance is issued by IDS Life Insurance Company.

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.