AIG: New, lower rates on Select-a-Term
Posted by Justin Jurs in News | 0 comments
AIG is thrilled to announce new, lower rates on Select-a-Term nationwide (including New York) in certain issue ages and risk classes. They made pricing improvements to face amounts of $250,000 and above with the focus of those improvements at face amounts of $500,000 and above.
Here’s how strong AIG is in the $500,000 and above market :
- Nationwide, nearly 80% of the premium rates rank in the top 2 and 85% rank in the top 3
- In New York, over 80% of the premium rates rank in the top 2 and 90% rank in the top 3
AIG continues to be focused on you and the needs of your clients with our improved new business turnaround times. Choose Wisely. Choose Select-a-Term.
Select-a-Term offers a unique mix of flexibility and reach:
- Guaranteed level term coverage for 18 durations, including 10-year and 15 through 30 years and now a 35-year term, with renewable coverage until age 95 for older clients
- Select-a-Term remains convertible to the earlier of age 70 or the end of the level term period
- Extended conversion eligibility to the full suiteb of AGL and US Life products for the first 8 years for 10 year term durations, or the first 10 years for term durations of 15 years and greater
- A competitive conversion credit feature, where a portion of the term premium is applied to the new permanent policy. This feature is available under the same conversion eligibility rules.
- New premiums rates available effective January 22, 2018.
- Applications issued or conditionally issued before January 22, 2018 will automatically receive the old product rates.
- Applications issued or conditionally issued January 22, 2018 or later will automatically receive the new product rates.
- Reissue requests to new rates will not be honored.
- New applications submitted to replace existing inforce coverage with the new rates will not be honored within 90 days of the existing coverage going inforce.
Select-a-Term is available on Winflex Web and Winflex Desktop. The new rates will be available starting January 22, 2018.
As of January 22, 2018, the new rates for Select-a-Term are approved in all states.