AIG Subsidiary Expands Its Distribution of Index Annuities
HOUSTON--(BUSINESS WIRE)--Apr. 8, 2015--
American International Group, Inc. (NYSE: AIG) is pleased to announce
the recent partnering of its subsidiary American General Life Insurance
Company (AGL) with Primerica, the largest independent financial services
marketing organization in North America, to introduce the Power Series
of Index Annuities®.
The Power Advantage 7℠ and Power Advantage 10℠ Index Annuities, tailored
exclusively for Primerica and issued by AGL, combine principal
protection, growth potential and tax deferral. They also provide
lifetime income that can be guaranteed to rise for up to 10 contract
years through the Lifetime Income Plus® guaranteed living
benefit rider.
“For nearly 40 years, Primerica has been helping middle income families
throughout North America earn more income, better protect their assets
and gain financial independence,” said Maureen Conlin-Chrysoulakis,
Senior Vice President and National Sales Manager, AIG Financial
Distributors. “At AIG, we have similar goals and objectives. By working
together to provide customized income solutions, we believe we can help
more Americans become financially independent and secure in their
retirement.”
“With more than 98,000 licensed insurance reps nationwide,” continued
Conlin-Chrysoulakis, “partnering with Primerica will allow us to offer
principal protection, growth potential and guaranteed lifetime income to
clients whom we’ve had limited access to in the past. These are all
important benefits that can be provided through our Power Advantage 7
and Power Advantage 10 products.”
“We continue to broaden the investment and savings solutions we offer to
our clients,” said Glenn Williams, incoming CEO of Primerica. “We’re
very excited to work with AIG to expand our index annuity offerings and
to help grow and protect our clients’ assets.”
For asset accumulation, the Power Advantage 7 and Power Advantage 10
Index Annuities offer a range of index interest crediting strategies and
a fixed interest account. Through the Lifetime Income Plus optional
guaranteed living benefit rider, available for an annual fee, these
annuities also provide lifetime income that is guaranteed to rise for up
to 10 contract years, as long as withdrawals are taken according to the
rider’s terms. In addition, individuals have the opportunity to double
their retirement income potential under the rider if no withdrawals are
taken before the 10th contract anniversary. Guarantees are backed by the
claims-paying ability of AGL.
“With continuing concerns about low interest rates and market
volatility, many individuals are looking for products that can help
protect their principal, while ensuring that their retirement income
will rise and last for life,” said Mike Treske, Executive Vice President
and Chief Distribution Officer, AIG Financial Distributors. “The Power
Advantage Index Annuities and our new relationship with Primerica can
help us address these needs and keep us on track with meeting our goal
of being the premier provider of protection, investment and income
solutions in the country today.”
Annuities are issued by American General Life Insurance Company (AGL),
2727-A
Allen Parkway, Houston, Texas 77019.
Contract Numbers: Power Advantage 7 and Power Advantage 10 Modified
Single Premium Deferred Fixed Index Annuities, Contract Numbers AG-800
(12/12) and AG-801 (12/12).
Rider Form Numbers: Market Value Adjustment (MVA) Rider, Form Number
AGE-8000 (12/12); Premium Enhancement Rider, Form Number AGE-8001
(12/12); Lifetime Income Plus Optional Guaranteed Living Benefit Rider,
Form Number AGE-8002 (9/13); Annual Point-to-Point Index Interest
Account Rider, Form Number AGE-8003 (12/12); Monthly Point-to-Point
Additive Index Interest Account Rider, Form Number AGE-8005 (12/12);
Terminal Illness Rider, Form Number AGE-8007 (12/12); Extended Care
Rider, Form Number AGE-8008 (12/12); Activities of Daily Living Rider,
Form Number AGE-8009 (12/12); and Periodic Average Index Interest
Account Rider, Form Number AGE-8024 (9/13).
The underwriting risks, financial and contractual obligations and
support functions associated with products issued by American General
Life Insurance Company (AGL) are its responsibility. AGL does not
solicit business in the state of New York. Product and features may not
be available in all states and may vary by state.
Index annuities are not a direct investment in the stock market. They
are long-term insurance products with guarantees backed by the
claims-paying ability of the issuing insurance company. They provide the
potential for interest to be credited based in part on the performance
of the specified index, without the risk of loss of premium due to
market downturns or fluctuations. Index annuities may not be suitable or
appropriate for all individuals.
Withdrawals may be subject to withdrawal charges. Withdrawals may also
be subject to federal and/or state income taxes. An additional 10%
federal tax may apply if individuals make withdrawals or surrender their
annuity before age 59½.
Lifetime Income Plus is an optional guaranteed living benefit rider
available with Power Advantage 7 and Power Advantage 10 for an annual
fee of 0.95% of the Income Base. The rider fee may differ by state. The
Income Base is the value on which guaranteed withdrawals are based; it
is not used in the calculation of the contract value or any other
benefits under the contract, and cannot be withdrawn partially or in a
lump sum.
AIG Consumer Insurance represents a group of companies offering
insurance, retirement and investment services. AIG Consumer Insurance
and AGL are part of the American International Group, Inc. (AIG) family
of financial services companies. Not all products are available in all
firms.
American International Group, Inc. (AIG) is a leading global insurance
organization serving customers in more than 100 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
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AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
Not FDIC or NCUA/NCUSIF Insured
May
Lose Value • No Bank or Credit Union Guarantee
Not a Deposit • Not
Insured by any Federal Government Agency
I5446PR1 (4/15)
Source: American International Group, Inc.
American International Group, Inc.
Linda Malamut, 310-772-6533
linda.malamut@aig.com