|THE AIG LIFE COMPANIES (U.S.) INTRODUCE SINGLE PREMIUM WHOLE LIFE INSURANCE|
NEW YORK, November 17, 1998 – The AIG Life Companies (U.S.), member companies of American International Group, Inc. (AIG), have introduced Single Premium Whole Life Insurance for distribution through banks and broker dealers.|
The policy features a simplified application and underwriting process that enables the financial institution's representative to generally issue the certificate within fifteen minutes, given certain age and amount limits. The certificate's simplified approach was designed for the transaction-orientated sales person at banks and broker dealers.
Single Premium Whole Life Insurance provides a guaranteed death benefit with a one-time only premium. The policyholder may also receive accelerated benefits in the event the policyholder or his/her spouse is ill and requires long term care or becomes terminally ill.
“Single Premium Whole Life Insurance provides a simple and easy process for representatives to offer their clients a valuable instrument to meet their long term financial needs,” said Raymond Chen, Senior Vice President, AIG Life Companies (U.S.). “We believe this product is ideal for clients who place a high priority on their family's financial future as well as their own quality of life.”
The minimum premium for Single Premium Whole Life Insurance is $5,000. The maximum premium ranges up to $1 million, depending on age.
The two principal AIG Life Companies (U.S.) are AIG Life Insurance Company (AIG Life) and American International Life Assurance Company of New York (AI Life). AIG Life does not solicit business in New York.
Supported by AIG, AIG Life and AI Life hold AAA ratings from Standard & Poor's for financial strength, Aaa ratings from Moody's Investor Service for financial strength, and also hold A+ ratings from A.M. Best Company for financial strength and ability to meet obligations to policyholders.
For complete details about Single Premium Whole Life, including limitations and exclusions, call 212/770-2198.
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.