Innovation in variable universal life insurance offers protection,
choice and opportunity
HOUSTON--(BUSINESS WIRE)--Dec. 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 SolutionSM,
an available chronic illness rider, the product offers the potential for
the policy holder 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
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
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 percent or 4
percent of the benefit amount per month, or the policy holder 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.
This information is general in nature and may be subject to change. The
Company, its financial professionals and other representatives are not
authorized to give legal, tax or accounting advice. Applicable laws and
regulations are complex and subject to change. Any tax statements in
this material are not intended to suggest the avoidance of U.S. federal,
state or local tax penalties. For advice concerning your situation,
consult your professional attorney, tax advisor or accountant.
Policies issued by American General Life Insurance Company (AGL).
Issuing company AGL is responsible for financial obligations of
insurance products and is a member of American International Group, Inc.
(AIG). Guarantees are backed by the claims-paying ability of AGL.
Products may not be available in all states and product features may
vary by state. Variable universal life insurance policies issued by AGL
are distributed by AIG Capital Services, Inc., member FINRA. Policy Form
Numbers 14904, ICC14-14904; Rider Form Numbers 14291, 13972, 13600,
82012, 82001, 07620, 13601, 88390 and 82410.
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.
Additional information about AIG can be found at www.aig.com
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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.
Source: American International Group, Inc.
AIG’s Life Insurance Division
Stasa Cushman, 713-831-6414