AIG Enhances Underwriting For Two IUL Insurance Products
HOUSTON, May 15, 2018 – American International Group, Inc. (NYSE: AIG), a leader in the index universal life (IUL) insurance market, announced new, non-medical underwriting for Max Accumulator+ IUL insurance policies and improvements to non-medical underwriting for QoL Max Accumulator+ IUL insurance policies, both issued by American General Life Insurance Company (AGL). “Non- medical underwriting” as described in this announcement means that no in-person paramedical examination will be required of an applicant for life insurance.
For Max Accumulator+ cases that fall within predetermined guidelines, non-medical underwriting is now available for clients ages 0-50 in up to Preferred Plus underwriting class for policies with face amounts of $50,000- $499,999.99. For eligible QoL Max Accumulator+ cases, non-medical underwriting has been expanded to encompass those same ages and face amounts for all rate classes up to and including Preferred Plus.1
“Many consumers have gaps in their life insurance coverage and our non-medical underwriting is designed to help them access solutions more easily and quickly,” Rod Rishel, Chief Executive Officer, Life Insurance, AIG, said. “Non-medical underwriting makes the purchase process simpler for clients, easier for financial professionals to complete, and faster for us to support.”
For proposed insureds who qualify, non-medical underwriting of Max Accumulator+ and QoL Max Accumulator+ is designed to result in a significantly reduced underwriting cycle time (from application receipt to the underwriting decision) and an application process that’s less intrusive. In addition to no in-person paramedical examination, the process features:
- no physical exam,
- no lab tests, and
- no attending physician statement (APS).
For financial professionals, non-medical underwriting of the two IUL solutions means:
- easy processing, with fewer requirements to gather,
- the same competitive products with no changes to state availability, and
- faster turnaround times, especially for Max Accumulator+ applications submitted through the Quick Ticket® online submission tool for selected AIG life insurance products, and QoL Max Accumulator+ applications submitted via iGO®, the intelligent fillable form and data gathering solution hosted by iPipeline®.
To further support financial professionals in efficiently meeting client needs, AIG has launched two online IUL insurance resource centers, at www.aig.com/IUL and www.aig.com/QoLIUL. They supplement other AIG resources, including Generation Station, an online tool created recently to help financial professionals quickly pinpoint potential life insurance solutions based on a client’s age, gender and a just few other attributes. The generational tool and related resources are at www.aig.com/GenerationMatters.
The IUL insurance policies available through AIG offer flexible death benefit protection, the potential for long-term cash value accumulation, possible interest crediting based on upward market movement, protection against market downturns, and multiple options for accessing cash value.
Max Accumulator+ offers available living benefit riders. QoL Max Accumulator+, part of the Quality of Life…Insurance® product suite offered by AIG, features built-in, no-cost accelerated benefit riders. Additional riders are available with both Max Accumulator+ and QoL Max Accumulator+.
For more information about AIG, visit www.aig.com.
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