New Product Offers Universal Option to Accelerate Death Benefits
HOUSTON--(BUSINESS WIRE)--Mar. 31, 2014--
American International Group, Inc. (NYSE: AIG) today announced the
launch of Elite Index II® cost-effective universal life
insurance with simplified guarantees, an optional chronic illness
accelerated benefit rider, increased cap rates (now at 13 percent), and
higher participation rates (now at 70 percent), which provide greater
opportunity for growth in a well-performing market.
Elite Index II is offered with the Accelerated Access SolutionSM,
an innovative rider that provides policy holders the option to
accelerate the death benefit, income tax free (based on current tax
laws), in the event of a chronic illness if all applicable criteria are
met.
“We’ve designed Elite Index II to be not only a smart choice for our
distribution partners to sell, but also a smart solution for many
consumers to buy, as it offers upside potential and downside
protection,” said James A. Mallon, President, Life Insurance, AIG Global
Consumer Insurance. “Elite Index II offers an affordable death benefit
and a simplified no-lapse guarantee for 20 years or until age 80,
whichever comes first, as well as the potential for growth in policy
value and the ability for clients to access the funds while still
living. It is life insurance you don’t have to die to use.”
With Elite Index II, clients can choose from among three
interest-crediting accounts to fit individual needs:
-
A declared interest account with a 2 percent guaranteed minimum annual
interest rate.
-
A choice between two index interest accounts with interest crediting
linked to the S&P 500® with a minimum annual guaranteed
interest rate of 0.25 percent, regardless of index performance. These
index accounts provide the potential for higher crediting interest
rates when the index is up and the safety of a minimum guaranteed
interest rate.
-
Further flexibility is provided through a Choice Loan option, which
allows Elite Index II policy holders to access their funds, but also
have the loan collateral eligible for index interest.
For more details on the features, customization options, and benefits of
Elite Index II — life insurance that clients don’t have to die to use —
visit www.RetireStronger.com.
1 The S&P 500 (the “Index”) is a product of S&P Dow Jones
Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by
AGL. Standard & Poor’s® and S&P® are
registered trademarks of Standard & Poor’s Financial Services LLC
(“S&P”). These trademarks have been licensed to SPDJI and sublicensed
for certain purposes to AGL. Elite Index II is not sponsored, endorsed,
sold or promoted by SPDJI, S&P, or their respective affiliates, and none
of such parties make any representation regarding the advisability of
paying premiums for Elite Index II nor do they have any liability for
any errors, omissions, or interruptions of the Index.
Policies issued by American General Life Insurance Company (AGL).
Issuing company AGL is responsible for financial obligations of
insurance products and is a subsidiary of American International Group,
Inc. (AIG). Guarantees are backed by the claims-paying ability of AGL.
May not be available in all states and product features may vary by
state. Policy Form Number 13717; Policy Form Number 13717N; Accelerated
Access Solution (Chronic Illness Accelerated Death Benefit Rider) Policy
Form Number 13600.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. 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. Products or
services may not be available in all countries, and coverage is subject
to actual policy language. 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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Source: American International Group, Inc.
AIG Life and Retirement
Stasa Cushman, 713-831-6414
stasa.cushman@aig.com
www.aig.com