HOUSTON, February 9, 2015 — American International Group, Inc. (NYSE: AIG) announced today that it has repriced AG Select-a-Term, the flagship term product issued by American General Life Insurance Company, and also relaunched AG Select-a-Term in New York, where it is issued by The United States Life Insurance Company in the City of New York (U.S. Life).
For the New York issued product, AIG says nearly 90% of premium rates rank in the top three in popular durations and risk classes; almost half of the time, they rank number one. Nationally, nearly 75% of premium rates for AG Select-a-Term rank in the top three in popular durations and risk classes, and almost 30% of the premium rates rank number one.1
“American families and businesses need the protection of life insurance, and with new, lower rates, AG Select-a-Term offers them the opportunity to buy just what they need at a market-leading price,” said James A. Mallon, President, Life Insurance, AIG Consumer Insurance. “This product is designed to provide invaluable flexibility and help clients choose wisely, because they deserve life insurance with Optionality.”
AG Select-a-Term offers a unique mix of customization and reach: guaranteed level term coverage for 17 durations, including 10-year and 15- through 30-year. Issue ages and durations make coverage available until age 95 for older clients. The product remains convertible to the earlier of age 70 or the end of the level term period.
For more information on the competitive pricing and superior flexibility of AG Select-a-Term, visit www.aig.com/termlife.
Footnote 1: The comparisons are based on 15, 20, 25, and 30 year term durations; male and female quinquennial ages 20-75; and $250,000, $500,000 and $1,500,000 face amounts in non-tobacco underwriting classes, against leading competitors on January 26, 2015.
- The ‘no sale’ signals: Why prospects won’t buy from you
- Industry trade media brands disappearing: A closer look
- InsureTech news: Slice testing rideshare app; Lifester to match consumers, agents; Decisely gets $60M boost; Lemonade expands to Illinois
- Millennial misconceptions of life insurance: a barrier to life ownership
- AALU, GAMA launch partnership to unify advocacy efforts for appropriate tax treatment of life insurance
- 4 tips for finding a career mentor
- New York fines Zenefits $1.2 million for unlicensed insurance sales
- National Retirement Planning Week in full swing with bevy of resources for advisors and consumers