HOUSTON--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) is pleased to announce the recent partnering of its subsidiary American General Life Insurance Company (AGL) with Primerica, the largest independent financial services marketing organization in North America, to introduce the Power Series of Index Annuities®.
The Power Advantage 7℠ and Power Advantage 10℠ Index Annuities, tailored exclusively for Primerica and issued by AGL, combine principal protection, growth potential and tax deferral. They also provide lifetime income that can be guaranteed to rise for up to 10 contract years through the Lifetime Income Plus® guaranteed living benefit rider.
“For nearly 40 years, Primerica has been helping middle income families throughout North America earn more income, better protect their assets and gain financial independence,” said Maureen Conlin-Chrysoulakis, Senior Vice President and National Sales Manager, AIG Financial Distributors. “At AIG, we have similar goals and objectives. By working together to provide customized income solutions, we believe we can help more Americans become financially independent and secure in their retirement.”
“With more than 98,000 licensed insurance reps nationwide,” continued Conlin-Chrysoulakis, “partnering with Primerica will allow us to offer principal protection, growth potential and guaranteed lifetime income to clients whom we’ve had limited access to in the past. These are all important benefits that can be provided through our Power Advantage 7 and Power Advantage 10 products.”
“We continue to broaden the investment and savings solutions we offer to our clients,” said Glenn Williams, incoming CEO of Primerica. “We’re very excited to work with AIG to expand our index annuity offerings and to help grow and protect our clients’ assets.”
For asset accumulation, the Power Advantage 7 and Power Advantage 10 Index Annuities offer a range of index interest crediting strategies and a fixed interest account. Through the Lifetime Income Plus optional guaranteed living benefit rider, available for an annual fee, these annuities also provide lifetime income that is guaranteed to rise for up to 10 contract years, as long as withdrawals are taken according to the rider’s terms. In addition, individuals have the opportunity to double their retirement income potential under the rider if no withdrawals are taken before the 10th contract anniversary. Guarantees are backed by the claims-paying ability of AGL.
“With continuing concerns about low interest rates and market volatility, many individuals are looking for products that can help protect their principal, while ensuring that their retirement income will rise and last for life,” said Mike Treske, Executive Vice President and Chief Distribution Officer, AIG Financial Distributors. “The Power Advantage Index Annuities and our new relationship with Primerica can help us address these needs and keep us on track with meeting our goal of being the premier provider of protection, investment and income solutions in the country today.”
Annuities are issued by American General Life Insurance Company (AGL),
2727-A Allen Parkway, Houston, Texas 77019.
Contract Numbers: Power Advantage 7 and Power Advantage 10 Modified Single Premium Deferred Fixed Index Annuities, Contract Numbers AG-800 (12/12) and AG-801 (12/12).
Rider Form Numbers: Market Value Adjustment (MVA) Rider, Form Number AGE-8000 (12/12); Premium Enhancement Rider, Form Number AGE-8001 (12/12); Lifetime Income Plus Optional Guaranteed Living Benefit Rider, Form Number AGE-8002 (9/13); Annual Point-to-Point Index Interest Account Rider, Form Number AGE-8003 (12/12); Monthly Point-to-Point Additive Index Interest Account Rider, Form Number AGE-8005 (12/12); Terminal Illness Rider, Form Number AGE-8007 (12/12); Extended Care Rider, Form Number AGE-8008 (12/12); Activities of Daily Living Rider, Form Number AGE-8009 (12/12); and Periodic Average Index Interest Account Rider, Form Number AGE-8024 (9/13).
The underwriting risks, financial and contractual obligations and support functions associated with products issued by American General Life Insurance Company (AGL) are its responsibility. AGL does not solicit business in the state of New York. Product and features may not be available in all states and may vary by state.
Index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the claims-paying ability of the issuing insurance company. They provide the potential for interest to be credited based in part on the performance of the specified index, without the risk of loss of premium due to market downturns or fluctuations. Index annuities may not be suitable or appropriate for all individuals.
Withdrawals may be subject to withdrawal charges. Withdrawals may also be subject to federal and/or state income taxes. An additional 10% federal tax may apply if individuals make withdrawals or surrender their annuity before age 59½.
Lifetime Income Plus is an optional guaranteed living benefit rider available with Power Advantage 7 and Power Advantage 10 for an annual fee of 0.95% of the Income Base. The rider fee may differ by state. The Income Base is the value on which guaranteed withdrawals are based; it is not used in the calculation of the contract value or any other benefits under the contract, and cannot be withdrawn partially or in a lump sum.
AIG Consumer Insurance represents a group of companies offering insurance, retirement and investment services. AIG Consumer Insurance and AGL are part of the American International Group, Inc. (AIG) family of financial services companies. Not all products are available in all firms.
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 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.
Not FDIC or NCUA/NCUSIF Insured
May Lose Value • No Bank or Credit Union Guarantee
Not a Deposit • Not Insured by any Federal Government Agency