AIG Introduces State of New York’s First Fixed Annuity with a Guaranteed Lifetime Withdrawal Benefit
December 5, 2017 by American International Group
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE:AIG), announced today the launch of Assured Edge Income Builder-NY, a new fixed annuity product issued by The United States Life Insurance Company in the City of New York. It is the first fixed annuity with a guaranteed lifetime withdrawal benefit offered in New York. Assured Edge Income Builder offers clients a low risk, long-term retirement income solution and guaranteed lifetime income.
“We are delighted to offer the state’s first fixed annuity with a guaranteed living benefit, providing New York residents with a product that brings value and customization, as well as security and flexibility, to their retirement income strategy,” said Bryan Pinsky, Senior Vice President, Individual Retirement at AIG. “We launched Assured Edge Income Builder in other states last year and investors have been drawn to the product’s multi-pronged value proposition.”
Assured Edge Income Builder is intended to offer investors an income advantage through the following features:
Lifetime Income: Clients have the flexibility to elect lifetime income immediately or in the future, while maintaining access to their principal. Once lifetime income withdrawals begin, they will continue even if the contract value is depleted to zero, unless there is an excess withdrawal.
Future income growth: An initial income percentage (used to calculate the guaranteed lifetime income amount) will automatically increase by 0.25% annually for up to 15 years – even in years in which non-lifetime income withdrawals are taken – or until clients elect to begin lifetime withdrawals … whichever comes first.
Principal protection: Investors can protect principal from market volatility with guaranteed interest rates.
“Investors have really made it clear that they want to maintain access to retirement assets, have guaranteed income for life, and stabilize their asset value,” said Michael Treske, EVP and Chief Distribution Officer, Annuities and Mutual Funds at AIG. “Assured Edge Income Builder does all this while also offering a rising income opportunity. We will continue to develop solutions for investors and as their needs evolve, so will our products.”
Assured Edge Income Builder-NY is available only in New York. The guaranteed lifetime withdrawal benefit is automatically included in the contract issue with no annual rider fee. A suite of annuity products is available in all other states issued by American General Life Insurance Company (AGL).
For more information about Assured Edge Income Builder, please visit www.aig.com/annuities. Financial advisors may also contact 888-502-2900.
Annuities issued by The United States Life Insurance Company in the City of New York (US Life), Policy #s: USL224-17; Rider #s: USLGLB2 (2/17); R348-06-NY; R389-11-NY; R342-06-NY. Guarantees are backed by the claims-paying ability of US Life. US Life is responsible for financial obligations under its insurance products and is a member of American International Group, Inc. (AIG).
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. 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 | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
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.
Kenny Juarez (Media), 212-458-8352
Linda Malamut (Media), 310-772-6533