HOUSTON, August 18, 2014 – American International Group, Inc. (NYSE: AIG) today announced the launch of QoL Performer PlusSM, affordable universal life insurance that can provide a guaranteed death benefit up to age 80. The product also offers the opportunity for cash accumulation, as well as the Quality of Life…Insurance accelerated benefit solution that can make available needed cash if the policy holder suffers a qualifying illness or condition.
“QoL Performer Plus could be the first policy clients buy or the last, because it is designed to help serve and protect Americans and their families, no matter what the future brings,” said James A. Mallon, President, Life Insurance, AIG Global Consumer Insurance. “We’ve structured this product in consideration of consumers who are just embarking on their financial journeys and need a product that can efficiently adapt to changing needs throughout a lifetime, as well as clients at middle age and beyond who appreciate guarantees, flexibility and the opportunity to grow and access cash value for supplemental retirement income or any other purpose.”
John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors, said of the products, “Performer Plus can pay a portion of the base life insurance benefit if the insured has a major heart attack, stroke, cancer or other qualifying illness or condition, at no additional premium cost to the policy holder. Clients can use the money to help cover the costs of treatment, help recoup lost income, or help with other needs. It’s life insurance you don’t have to die to use.”
The QoL Performer Plus policy pays currently competitive interest, with guaranteed minimum interest crediting of 4 percent for the first five years and 2.25 percent thereafter. Furthermore, with QoL Performer Plus, policy holders have the potential to:
- Change their coverage amount. After one year, a client can apply to increase his or her coverage amount. If a client purchases an optional rider, he or she has the guaranteed ability, at certain ages and life events, to buy additional coverage. Clients can also decrease the coverage amount (although surrender charges may apply).
- Add term life coverage for their spouse. Fee and volume discounts can help make this coverage affordable.
- Add term life coverage for any purpose and for certain durations of 10 years or 15 - 35 years, subject to policy terms and conditions, to help cover, for example, the cost of remaining years in a mortgage or to help protect the cost of a college education for children.
- Put extra dollars to work. During the first five policy years, premium that the policy holder pays, over and above the cumulative monthly benchmark premium, is placed as a protected value where it is available during that time by means of surrender or loan, subject to policy terms and conditions. Whether the money is being accumulated for a short-term purpose or long-term goal, this may be an appropriate liquidity solution for certain clients.
- Build supplemental retirement income. Regularly funding one’s QoL Performer Plus may help create the potential for significant additional income for retirement.
For more information on QoL Performer Plus – life insurance you don’t have to die to use – and for important consumer disclosures concerning accelerated death benefits, visit www.qualityoflifeinsurance.com.