Portfolio

AIG Life & Retirement Launches Index Annuity That Guarantees Lifetime Income Growth

Combines principal protection with a lifetime income guaranteed to rise for up to 15 Years

NEW YORK, October 14, 2020 — AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG) and a leading provider of annuities, today announced the launch of the Power Index Premier NY Index Annuity with Lifetime Income Builder.

Developed exclusively for the state of New York, Power Index Premier NY is currently the only index annuity that gives New York residents the option of a living benefit rider. Guaranteed living benefit (GLB) riders typically provide lifetime income that can help keep pace with rising retirement costs. The Lifetime Income Builder GLB rider, available exclusively with Power Index Premier NY, delivers lifetime income that is guaranteed to grow every year that income is deferred for up to 15 years.

In an environment of heightened economic and market uncertainty, Americans are looking for financial products that can help them accumulate assets while ensuring their lifetime income will grow and not decline due to market volatility. According to new research from the Alliance for Lifetime Income, 70% of pre-retirees are feeling more pessimistic about their financial futures, and only 33% are confident they will have enough income to cover retirement expenses.[1]

Aiding In Times Of Uncertainty

“We are delighted to bring consumers a lifetime income solution that can provide more certainty in today’s unpredictable times,” said Bryan Pinsky, Senior Vice President of Individual Retirement Pricing and Product Development at AIG. “As the only company to offer an index annuity with a GLB rider in New York, we’re continuing our legacy of innovation and our commitment to help clients grow and protect their income for life.”

Power Index Premier NY combines tax deferral, principal protection against down markets, growth potential through a diverse range of index interest accounts, and guaranteed lifetime income growth to help consumers prepare for retirement—all with no annual fees.

“With the launch of this innovative index annuity, AIG Life & Retirement now offers New York residents a complete suite of annuities with guaranteed living benefit riders, including the Polaris Variable Annuities with Lifetime Income Max and the Assured Edge Income Builder NY Fixed Annuity,” said Pinsky. “We’re better positioned than ever to address the lifetime income needs of our New York clients and to support our distribution partners who are helping clients build a brighter financial future.”

 

 

 

[1] Alliance for Lifetime Income. COVID-19 Retirement Reset #3. https://www.allianceforlifetimeincome.org/feature/americans-more-pessimistic-about-retirement-plans-due-to-pandemic/
[2] Interest earned in Power Index Premier NY is calculated using index performance over a specific term subject to an index rate cap. The index rate cap is the maximum percentage of index performance that can be credited as interest for an index term. The S&P 500®, Russell 2000® and MSCI EAFE are price return indices and do not include the impact of dividends. No index interest is earned in flat or down markets.
About AIG Life & Retirement
AIG Life & Retirement brings together a broad portfolio of protection, retirement savings, investment and lifetime income solutions to help people achieve financial and retirement security. The business consists of four operating segments – Individual Retirement, AIG Retirement Services, Life Insurance and Institutional Markets – and holds longstanding, leading market positions in many of the markets it serves.
AIG Life & Retirement includes AIG member insurance companies American General Life Insurance Company (Houston, TX), The United States Life Insurance Company in the City of New York, and The Variable Annuity Life Insurance Company (VALIC), Houston, TX as well as their affiliates. Securities products are distributed by AIG Capital Services, Inc., member FINRA. Additional information about AIG Life & Retirement can be found at www.linkedin.com/showcase/aig-life-&-retirement.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. 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 jurisdictions, and coverage is subject to underwriting requirements and 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.