American International Group, Inc. (NYSE:AIG) today announced the launch of AG Asset Protector SM, a suite of riders for a life product that provides financial security to customers. AG Asset Protector consists of two innovative riders that allow policy holders to access their death benefit while they are still living: the Accelerated Access Solution SM in the event of a chronic illness, and the Lifestyle Income Solution SM that offers customers more financial control during uncertain economic times and affordable protection against outliving retirement income.
“AIG is transforming the way people think about life insurance,” said James A. Mallon, President, Life Insurance, AIG Global Consumer Insurance. “Think of our new AG Asset Protector as ‘life insurance you don’t have to die to use.’ This innovative protection solution complements our diverse portfolio of offerings, and makes it possible for consumers to use life insurance benefits while they are still living to meet life’s challenges.”
AG Asset Protector is AIG’s latest product in the company’s string of initiatives to better understand the changing landscape of retirement and mindset of retirees. A major component of this work includes AIG’s Retirement Reset Study, an in-depth survey of Americans ages 55 and older conducted in 2012. The study found that the rising costs of health care and inflation are among the top concerns of Americans on the brink of retirement, and also reported that 80% of respondents have subsequently taken a more cautious approach to their financial situation and investing.
The features and benefits offered by AG Asset Protector provide protection against the excessive costs of dealing with chronic illnesses and conditions as well as the fear of outliving retirement income, giving policy holders the option to receive living benefits from their life insurance policy.“AG Asset Protector offers unmatched solutions for retirees, and builds on AIG’s reputation for providing customers with unparalleled financial security,” said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors. “Americans are living longer, but with increased longevity also comes concern about financial distress due to illness or a shortfall in retirement income. AG Asset Protector gives clients peace of mind and helps protect their dreams so they can focus on their goals to live longer and retire stronger.”