HOUSTON, June 2, 2014 — American International Group (AIG) announced the launch of Elite Survivor Index II, its newly enhanced, cost-effective joint and last survivorship index universal life insurance that features a built-in death benefit with a no-lapse guarantee plus upside potential and downside protection, and the option to access the cash value of the policy anytime after the first year of issue.
“Americans work hard to build their estates and provide for their loved ones, and Elite Survivor Index II is designed to be a key part of a comprehensive financial plan, as it offers protection as well as more financial control during uncertain economic times,” said James A. Mallon, President, Life Insurance, AIG Global Consumer Insurance. “This is permanent life insurance with the potential for cash value accumulation, tax advantages and premium flexibility — and we believe it can serve as an appropriate solution for many family and business needs.”
“Elite Survivor Index II provides the benefits of traditional universal life insurance along with the potential for greater growth in policy value,” said Tim Heslin, Vice President, Product Strategy and Implementation, AIG Global Consumer Insurance. “With increased cap rates, now at 13 percent, and higher participation rates, now at 70 percent, the product offers strong upside potential for growth if the market performs well. Further, a new Choice Loan option allows access to the funds while they remain eligible for index interest, so this is life insurance you don’t have to die to use.”
Elite Survivor Index II offers the flexibility to choose among three interest-crediting accounts that fit needs:
- A declared interest account with a guaranteed 2.00 percent minimum annual interest rate,
- An index interest account with interest crediting linked to the annual growth of the Standard & Poor’s 500 Price Index (S&P 500® Index)2, subject to an annual cap and a minimum annual guaranteed interest rate of 0.25 percent, regardless of index performance, and
- An index interest account with interest crediting linked to the annual growth of the S&P 500 Index subject to a participation rate and an annual minimum guaranteed interest rate of 0.25 percent, regardless of index performance. This provides the potential for higher crediting interest rates when the index is up and the safety of a minimum guaranteed interest rate.
In addition, Elite Survivor Index II features a built-in death benefit with a no-lapse guarantee, which is now guaranteed for up to 20 years or age 80, whichever comes first.
Elite Survivor Index II may be of particular interest to a wide variety of consumers, including:
- Couples who need tax-advantaged supplemental retirement income,
- Couples with children from previous marriages,
- Couples with special needs children,
- Same-gender couples,
- Couples who want to leave charitable gifts,
- Grandparents who want to leave a legacy for a grandchild, and
- Related or non-related business partners.