AIG W/ LTC Riders???

Discussion in 'Indexed Universal Life Forum' started by Gulfman, Jan 30, 2017.

  1. Gulfman
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    Gulfman Well-Known Member

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    A buddy of mine was talking up a product offered by AIG.

    Its a Universal Life policy with LTC rider.

    Anyone ever sell this product...and if so, what did you think?

    ~Thnks for your constructive input...
     
  2. GreenSky
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    GreenSky Well-Known Member

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    I believe he's talking about the product with the ride to accelerate some of the death benefit in the event of a critical illness which may or may not result in a LTC need.

    I can help you get appointed although I don't recruit (yet).

    Rick
     
  3. Lewis_FL
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    Lewis_FL Well-Known Member

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    Technically it's Chronic Illness rider. Benefit options are 2%, 4%, or the IRS max per diem rate and is indemnity style.
     

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  4. HGIMax
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    HGIMax Active Member

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    The AIG Quality of Life product suite (AGLA) offers the basic Chronic, Critical and Terminal at no additional cost in the policy. The Chronic pays when the insured loses 2 of 6 ADLs or for a severe cognitive impairment. It is not LTC, but a better choice in my opinion. Remember, LTC pays on a reimbursement basis, ABRs pay an indemnity benefit. Big difference.

    Then you can purchase additional riders such as the Accelerated Access Solution.
     
  5. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    No additional cost=policy lien on back-end (at least for chronic illness).

    If you truly want a policy to pay for chronic/LTC, buy the rider rather than guessing what your benefit will be when you need it.
     
  6. HGIMax
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    HGIMax Active Member

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    AIG does have the Accelerated Access Solution (AAS) Rider for Chronic Illness, which pays a guaranteed 2% or 4% of the death benefit per month, depending on the amount purchased. The 2016 maximum IRS per diem is $340 per day or $10,341 per month.

    This is AIG's solution for the caveats that Tahoe Ray indicated about regular ABRs. Another benefit of the AAS is that premiums do not increase every year, unlike LTC.
     
  7. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    That is a solid product and there is a charge for that rider (as there should be for that benefit).

    LTC premiums do not increase every year, however.
     
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