HOUSTON, December 15, 2014 – American International Group, Inc. (NYSE: AIG) today announced the launch of AG Platinum Choice VUL, variable universal life insurance issued by American General Life Insurance Company with a flexible design that provides death benefit protection, upside market potential, cash accumulation for future financial needs, and the opportunity to guarantee the death benefit throughout the policy holder’s lifetime.
When combined with the optional Accelerated Access Solution, an available chronic illness rider, the product offers the potential for the policyholder to receive access to an accelerated portion of the death benefit, income-tax-free.
“We believe AG Platinum Choice VUL meets market needs as a robust yet flexible financial vehicle for our valued distribution partners to offer clients, in that it combines customizable life insurance protection with 46 professionally managed investment options from renowned money managers,” said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors.
Chris Ogburn, Vice President, Life Insurance Product Management, AIG Consumer Insurance, said, “With features and benefits that can guarantee lifetime coverage while providing growth potential through diverse investment options, AG Platinum Choice VUL is designed to help clients not only protect their beneficiaries, but also, help protect their financial assets.” Guarantees are backed by the claims-paying ability of American General Life Insurance Company.
AG Platinum Choice VUL may be particularly well suited for individuals under the age of 65 who need the protection life insurance provides and are:
- seeking market opportunities to accumulate cash value in a tax-favored vehicle to supplement income-producing assets in the future,
- searching for a competitively priced death benefit with long-term guarantees coupled with growth potential, or
- desiring cash accumulation potential, and the opportunity to tailor their policy with optional riders to meet specific, future needs, such as for potential access to living benefits in the event of chronic illness.
For chronic illness protection, the Accelerated Access Solution features flexible benefit payment options, including a unique payout methodology to help guard against inflation. The payout can be either 2% or 4% of the benefit amount per month, or the policyholder can choose to have the benefit amount set at the maximum Internal Revenue Service (IRS) allowable per diem at the time the benefit is exercised. (In 2015, that’s $330 per day.)
The Accelerated Access Solution also offers affordable premiums that are fully guaranteed for the life of the contract, and a waiver of monthly premium that applies as long as the policy holder qualifies for benefits – even if he or she chooses not to take the benefits.
For more information on AG Platinum Choice VUL – life insurance you don’t have to die to use – and for important consumer disclosures concerning accelerated death benefits, visit www.aig.com/lifeinsurance.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 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.