Select-a-Term policies feature some of the lowest premiums in years
HOUSTON – February 21, 2019 – American International Group, Inc. (NYSE: AIG), whose domestic life insurers are leaders in the term life insurance market, announced today the setting of some of the lowest premiums in years for Select-a-Term®, the flagship term product issued by American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life). Select-a-Term features improved rates for policies with longer term durations and death benefit amounts of $250,000 and above for certain issue ages and risk classes.
“As part of our ongoing commitment to protecting individuals, families and businesses, we’re pleased to offer a wide range of solutions for diverse needs and budgets,” said Rod Rishel, Chief Executive Officer, Life Insurance, AIG. “With Select-a-Term’s new rate structure, our distribution partners have the opportunity to offer customizable life insurance at even more competitive prices.”
AGL and US Life have robust positions in the $500,000 and above market for term life insurance. Nationwide, nearly 70 percent of the Select-a-Term premium rates rank in the top two and 85 percent rank in the top three. In New York, more than 85 percent of the premium rates rank in the top two and 91 percent rank in the top three.*
Flexibility & Reach
Select-a-Term policies offer an innovative mix of flexibility and reach, including guaranteed level term coverage for 18 durations, including 10-year, 15- through 30-year, and 35-year terms, with renewable coverage until age 95. Additionally:
Select-a-Term remains convertible to a permanent life insurance policy until the insured attains age 70 or the level-term period ends (whichever occurs first).
The product offers extended conversion eligibility to the full suite of AGL and US Life permanent life insurance products (excluding Survivorship Universal Life policies) for the first eight years of contracts with 10-year term durations or the first 10 years of contracts with term durations of 15 years and longer.
Select-a-Term offers a competitive conversion credit feature that allows a portion of the term premium to be applied to the new permanent policy. This feature is available under the same conversion eligibility rules.
For more details on Select-a-Term’s superior flexibility and nationwide competitive pricing, plus key resources for financial professionals, visit www.aig.com/termlife. For the New York product resources, visit www.aig.com/newyorkproducts.
*Comparison based on 15-, 20-, 25- and 30-year term durations, male and female quinquennial ages 20-75, $500,000 and $1.5 million face amounts in non-tobacco underwriting classes (640 cells) against 15 leading competitors (11 In New York) on Feb. 1, 2019. “Nationwide” denotes the entire country except New York.
Policies issued by American General Life Insurance Company (AGL) Houston, TX, Policy Form Numbers ICC16-16901, 16901, ICC16-16900 and 16900 except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Numbers 16901N Rev0518 and 16900N Rev0518. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Products may not be available in all states and product features including rates may vary by state. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims paying ability of the issuing insurance company.
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, 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.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/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.