AIG Announces Reduced Rates for Select-a-Term Life Insurance
September 18, 2018 by AIG
Press Release
AIG
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New York, NY 10038
www.aig.com
Contact:
Brent Connett (Media), 713-831-6414;brent.connett@aig.com
AIG Announces Reduced Rates for Select-a-Term Life Insurance
During Life Insurance Awareness Month, protection gets even more affordable
HOUSTON – September 18, 2018 – American International Group, Inc. (NYSE: AIG), a leader in the term life insurance market, has announced newly reduced rates for Select-a-Term, the flagship term product issued by American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life). Select-a-Term, long distinguished by a choice of 18 term durations, now features lowered premiums for certain issue ages and risk classes.
“September is Life Insurance Awareness Month and there’s no better time for financial professionals to help clients review their needs and obtain protection,” said Rod Rishel, Chief Executive Officer, Life Insurance, AIG. “The newly reduced premiums for Select-a-Term provide opportunities for consumers and businesses to get customizable coverage at competitive rates.”
AGL and US Life have leading positions in the $500,000 and above market for term life insurance rates. Nationwide, nearly 80 percent of the Select-a-Term premium rates rank in the top two and 86 percent rank in the top three. In New York, 87 percent of the premium rates rank in the top two and 90 percent rank in the top three.*
Select-a-Term offers a unique blend of flexibility and reach, including guaranteed level term coverage for 10-year, 15- through 30-year, and 35-year terms, with renewable coverage until age 95. Additionally:
- Select-a-Term remains convertible to a permanent life insurance policy until the insured reaches age 70 or the level-term period ends (whichever occurs first).
- The product offers extended conversion eligibility to the full suite of AGL/US Life permanent life insurance products (excluding Survivorship Universal Life policies) for the first eight years of contracts with 10-year term durations or the first 10 years of contracts with term durations of 15 years or longer.
- Select-a-Term offers a competitive conversion credit that allows a portion of the term premium to be applied to the new permanent policy. This feature is available under the same conversion eligibility rules.
For more details on flexible, affordable Select-a-Term life insurance, along with helpful resources for financial professionals, visitwww.aig.com/termlife. For the New York product resources, visitwww.aig.com/newyorkproducts.
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*Comparison based on 15, 20, 25, 30-year term durations, male and female quinquennial ages 20-75, $500K and $1.5M face amounts in non-tobacco underwriting classes (640 cells) against 15 leading competitors (11 in New York) on August 10, 2018. Nationwide denotes the entire country except New York.
Policies issued by: American General Life Insurance Company (AGL), Policy Form Numbers ICC16-16901, 16901, ICC16-16900 and 16900 except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Numbers 16901N and 16900N. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Products may not be available in all states and product features, including rates, may vary by state. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.
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 atwww.aig.com and www.aig.com/strategyupdate | YouTube: www.youtube.com/aig | Twitter:@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.