HOUSTON--(BUSINESS WIRE)--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, nearly 90 percent 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 percent of premium rates for AG Select-a-Term rank in the top three in popular durations and risk classes, and almost 30 percent 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.
1The 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.
Policies issued by: American General Life Insurance Company (AGL), Policy Form Numbers 07007, ICC10-07007 except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Number 09007N. 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 may vary by state.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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.