AIG Benefit Solutions Launches ProtectPak Series Offering Benefit Packages of 3 to 5 Products

NEPTUNE, N.J.--(BUSINESS WIRE)-- AIG Benefit Solutions, a business unit of American International Group, Inc. (NYSE: AIG) that markets a wide range of insurance products and services to employers and affinity groups, is now offering product packaging, with up to five popular voluntary plans available in affordable packages.

The ProtectPak^SM series is available in three package options:

• ProtectPak 3 offers three products: term life, accident and critical illness.
• ProtectPak 4 offers four products: term life, accident, critical illness and short-term disability.
• ProtectPak 5 offers five products: term life, accident, critical illness, short-term disability and vision insurance.

Each package offers three levels of protection: Low, Mid or High. With ProtectPak, employers pick the package they want to offer their employees and employees choose the level of protection that best suits their individual or family needs. Four rates are available within each benefits level: employee only; employee and spouse; employee and child(ren); and employee and family. The ProtectPak series is available for groups of all sizes, ranging from two lives to thousands of lives.

Curt Olson, President and CEO of AIG Benefit Solutions, said ProtectPak is designed to meet the needs of employers and employees with a product that offers affordability and simplicity.

“The benefit choices that employees face can sometimes feel overwhelming, but ProtectPak makes it simpler by offering well-rounded coverage employees can understand, at price points that meet their needs and budgets,” Olson said. “And since all of the products are voluntary, there is no cost to the employer while employees will appreciate having the opportunity to purchase additional coverage based on their needs.”

Combining several products in a single package helps keep rates low — often at levels of one to three hours’ worth of wages. The rates remain the same across a group, regardless of an employee’s age.

For example, for groups of 100 to 999 lives, weekly rates for the ProtectPak 3 offering term life, accident and critical illness plans range from $5.97 for employees only and $15.55 for family coverage (under the Low plan) to $11.16 for employee-only coverage and $24.91 for full-family coverage under the High plan. Rates are also available to cover the employee and spouse only, and employee and child or children.

“Voluntary insurance products are an increasingly important part of an employee’s benefits package,” Olson said. “ProtectPak puts some of the most popular and important voluntary plans into a single, affordable package that can be offered in one enrollment with one application.”

The term life plan offers a lump-sum monetary benefit in the event of the death of an employee, spouse or child (if elected) for the term of the policy, while the accident and critical illness plans offer lump-sum payments for covered injuries and illnesses.

The short-term disability plan pays a weekly benefit for up to six months if a covered disabling illness or injury prevents an employee from working for an extended period of time; the vision plan pays for an annual eye exam and frames every two years. All ProtectPak offerings are issued by American General Life Insurance Company of Delaware.

ProtectPak is the latest innovation from AIG, which recently merged the group benefits units of Chartis U.S. Accident and Health and American General Life Companies to form AIG Benefit Solutions. AIG Benefit Solutions offers one of the industry’s broadest portfolios of insurance products and services for employees, employers and affinity groups. Many of the products are available on both employer-funded and employee-paid platforms, and AIG Benefit Solutions also offers unique resources for underwriting, enrollment and plan administration.

For information on ProtectPak, visit the Benefit Solutions’ website at www.americangeneral.com/employeebenefits and click on “Insurance Professionals.”

AIG Benefit Solutions^® is the marketing name for the domestic benefits division of American International Group, Inc. Underwriting risks, financial and contractual obligations, and support functions associated with products marketed by AIG Benefit Solutions are the responsibility of the underwriting companies, which include American General Life Insurance Company of Delaware* (Wilmington, DE), American General Assurance Company* (Schaumburg, IL), American General Indemnity Company* (Schaumburg, IL), American General Life Insurance Company* (Houston, TX), The United States Life Insurance Company in the City of New York (New York, NY) and National Union Fire Insurance Company of Pittsburgh, Pa., with its principal place of business in New York, NY. *These companies do not solicit business in New York.

Policies issued by:
American General Life Insurance Company of Delaware
Wilmington, Delaware
Policy Form Numbers C22438, GCI50001, G-DIS-41000, G-LAD-40000, N20000
www.americangeneral.com/employeebenefits

American General Life Companies, www.americangeneral.com, is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, Inc., including American General Life Insurance Company of Delaware.

The underwriting risks, financial and contractual obligations and support functions associated with products issued by American General Life Insurance Company of Delaware are its responsibility. American General Life Insurance Company of Delaware does not solicit business in the state of New York. Policies are not available in all states. For critical illness, comprehensive medical coverage may be required in some states in order to apply for or maintain this coverage.

American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. 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 Benefit SolutionsLinda Malamut310-772-6533
[email protected]

Source: AIG Benefit Solutions