have teamed up to market variable life insurance from Bermuda.

Templeton American General Life of Bermuda, Ltd. will develop, sell and adminster "private placement variable life insurance products specially tailored for qualified high net worth individuals worldwide,'' the companies said.

The products combine insurance and investments. The Bermuda company is equally owned by the two companies. Templeton is a wholly-owned subsidiary of Franklin Resources Inc. AGC Life is a wholly-owned subisidiary of American General Corp., a diversified financial services company.