Unique features include non-medical underwriting option, daily policy issuance, e application processing option
NEW YORK, August 7, 2018 – American International Group, Inc. (NYSE: AIG) announced the availability, in the State of New York, of Max Accumulator+ index universal life (IUL) insurance, issued by The United States Life Insurance Company in the City of New York (US Life). Unique attributes of the new cash value accumulation IUL insurance solution include a non-medical underwriting option, daily policy issuance from the first through the 28th of each month, and an e-application processing option via AG Quick Ticket®, the online submission tool for selected life insurance products offered by AIG. “Non-medical underwriting” as described in this announcement means that no in-person paramedical examination will be required of an applicant for life insurance.
“Non-medical underwriting of Max Accumulator+ is designed to facilitate a substantially decreased underwriting cycle time and a less-intrusive application process for proposed insureds who qualify, as there’s no need for a physical exam, lab tests or an attending physician statement,” said Mark Peterson, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors. “For financial professionals, non-medical underwriting results in easier processing, with fewer requirements to gather than traditional underwriting, and quicker turnaround times, especially when submitting applications through AG Quick Ticket.”
Non-Med available to ages 18-50
For cases that fall within predetermined guidelines, non-medical underwriting is available for clients ages 18-50 up to the Preferred Plus non-tobacco underwriting class for policies with face amounts of $50,000-$499,999.1,2 AG Quick Ticket is available for e-app processing on all face amounts and on non-medically underwritten policies, although paper applications also are accepted. The daily policy issuance for approved Max Accumulator+ IUL insurance applications helps further expedite processing.
Max Accumulator+ policies feature two index interest account strategies: a participation rate account based on the S&P 500® index and a cap rate account based on the S&P 500 index. Both strategies offer account value enhancements beginning at year six.
Numerous other features are designed to help maximize cash value in the policies. Additionally, multiple options exist for accessing cash value in the policies, including through lifetime benefit riders.
To support the launch of Max Accumulator+ in New York, AIG offers a plethora of resources, including Life to the Max, an interactive educational tool that’s available at www.aig.com/lifetothemax. It highlights potential challenges to a successful retirement and offers a variety of specific scenarios to demonstrate the impact they may have on retirement assets.
For more information about AIG, visit www.aig.com.
1Face amount is based on the total amount of coverage issued and placed in-force by US Life within the past 12 months.
2The underwriting team renders a decision based on the submitted applications, declarations of Part A and B, supplementary forms, and results of various database searches. Substandard classes are only available through Table E. Note that Table A and B are included in the standard rate class. Table C, D and E are included in the Table D rate class.
Policies issued by The United States Life Insurance Company (US Life) in the City of New York, Policy Form Number 15646N; Rider Form Numbers 17600N, 13601N, 14012N, 16420N, 14002N, 07620N, 15996N, 15274N and 15272N. Issuing company, US Life, 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 the issuing insurance company. Product features may not be available in all states and product features may vary by state.
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 at www.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.