AIG Life & Retirement Increases Level of Flexibility and Choice for the Power Series of Index Annuities
Business Wire 15-May-2019 10:00 AM
Newly enhanced Power Series now provides customers with access to the
Russell 2000® and MSCI EAFE
AIG Life & Retirement, a division of American International Group, Inc.
(NYSE:AIG), today announced a number of enhancements to the Power
Series of Index Annuities designed to increase the level of flexibility
and choice in these retirement accumulation and income solutions.
With the new Lifetime Income Plus Flex? and Lifetime Income Plus
Multiplier Flex? features1 (also known as guaranteed living
benefit riders), prospective customers now have the ability to:
-
Change coverage options between single and joint life to meet varying
income needs and life events, such as marriage, divorce or death.
-
Take withdrawals without losing their annual step-ups and doubling
guarantee.2
-
Access money and not lock in their withdrawal percentage for life –
until they are ready to start retirement income.
Moreover, the newly enhanced Power Series of Index Annuities now also
provides policyholders access to the Russell 2000®, a U.S.
small-cap stock index, and the MSCI EAFE, an international stock index.
These two indices have been added to the existing S&P 500®,
PIMCO Global Optima and ML Strategic Balanced options to provide greater
choice and diversification as well as exposure to markets that may not
be well-represented in other index annuities.
"Needs for retirement can change over time, sometimes quite
dramatically," said Todd Solash, President, Individual Retirement at
AIG. "The Power Series of Index Annuities offers a breadth of
accumulation choices and an extra dimension of income flexibility that
can help our policyholders ensure they are protected during one of the
most important phases of their lives. With the prospect of a very long
life, unpredictable markets and higher healthcare costs, it's critical
for individuals to build a balanced portfolio that offers protections
and guarantees, along with the flexibility to take income when needed."
The Power Series of Index Annuities is among the few retirement savings
products that combine tax-deferred growth potential, principal
protection against market downturns and retirement income that's
guaranteed to last for life. Lifetime Income Plus Flex and Lifetime
Income Plus Multiplier Flex are available in select Power Series Index
Annuities for an annual fee.
Last month, AIG Life & Retirement announced Plan for 100, a new
initiative focused on educating and empowering individuals, employers
and financial advisors to help Americans prepare for longer lives and,
in turn, retirements that could last four decades or more. The
initiative, with its 100-year theme complementing the centennial
celebration at AIG, includes the launch of a new website (Planfor100.com)
and podcast series to raise awareness about the impact of increased
longevity and educate Americans about potential solutions.
Index annuities are not a direct investment in the stock market. They
are long-term insurance products with guarantees backed by the
claims-paying ability of the issuing insurance company. They provide the
potential for interest to be credited based in part on the performance
of the specified index, without the risk of loss of premium due to
market downturns or fluctuations. Index annuities may not be suitable or
appropriate for all individuals.
Withdrawals may be subject to federal and/or state income taxes. An
additional 10% federal tax may apply if you make withdrawals or
surrender your annuity before age 59½. Consult your tax advisor
regarding your specific situation.
MSCI EAFE is an international equity index that tracks the
performance of large- and mid-cap stocks from developed markets around
the world, excluding the U.S. and Canada. The product referred to herein
is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no
liability with respect to any such product or any index on which such
product is based. The contract contains a more detailed description of
the limited relationship MSCI has with American General Life Insurance
Company and any related product.
RUSSELL 2000® is an equity index that
tracks the performance of small-cap stocks in the U.S. The index annuity
product to which this disclosure applies (the "Product") has been
developed solely by American General Life Insurance Company ("AGL"). The
"Product" is not in any way connected to or sponsored, endorsed, sold or
promoted by the London Stock Exchange Group plc and its group
undertakings (collectively, the "LSE Group"). FTSE Russell is a trading
name of certain of the LSE Group companies.
All rights in the Russell 2000® Index (the "Index") vest in
the relevant LSE Group company which owns the Index. "Russell®",
"Russell 2000®", "FTSE®", "Russell®",
and "FTSE Russell®" are trade mark(s) of the relevant LSE
Group companies and are used by any other LSE Group company under
license. "TMX®" is a trade mark of TSX, Inc. and used by the
LSE Group under license.
The Index is calculated by or on behalf of FTSE International Limited or
its affiliate, agent or partner. The LSE Group does not accept any
liability whatsoever to any person arising out of (a) the use of,
reliance on or any error in the Index or (b) the purchase of or
operation of the "Product". The LSE Group makes no claim, prediction,
warranty or representation either as to the results to be obtained from
the "Product" or the suitability of the Index for the purpose to which
it is being put by AGL.
The Power Series of Index Annuities is issued by American General
Life Insurance Company (AGL), Houston, Texas. The Power Index
Elite Variable Annuity is issued by The Variable Annuity Life Insurance
Company (VALIC), Houston, Texas. AGL and VALIC are members of the
American International Group, Inc. (AIG) family of financial services
companies. The underwriting risks, financial and contractual obligations
and support functions associated with the annuities issued by AGL or
VALIC are its responsibility. AGL does not solicit business in the state
of New York. Annuities and riders may vary by state and are not
available in all states.
Not FDIC or NCUA/NCUSIF InsuredMay Lose Value • No Bank or Credit
Union GuaranteeNot a Deposit • Not Insured by any Federal
Government Agency
About AIG Life & Retirement
AIG Life & Retirement, a division of AIG, brings together a broad
portfolio of protection, retirement savings, investment and lifetime
income solutions to help people achieve financial and retirement
security. The business consists of four operating segments – Individual
Retirement, AIG Retirement Services, Life Insurance and Institutional
Markets – and holds longstanding, leading market positions in many of
the markets it serves.
AIG Life & Retirement includes AIG member insurance companies American
General Life Insurance Company (Houston, TX), The United States Life
Insurance Company in the City of New York, and The Variable Annuity Life
Insurance Company (VALIC), Houston, TX as well as their affiliates.
Securities products are distributed by AIG Capital Services, Inc.,
member FINRA. Additional information about AIG Life & Retirement can be
found at www.linkedin.com/showcase/aig-life-&-retirement.
About AIG
American International Group, Inc. (AIG) is a leading global insurance
organization. Building on 100 years of experience, today AIG member
companies provide a wide range of property casualty insurance, life
insurance, retirement solutions, and other financial services to
customers in more than 80 countries and jurisdictions. These diverse
offerings include products and services that help businesses and
individuals protect their assets, manage risks and provide for
retirement security. AIG common stock is listed on the New York Stock
Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance www.twitter.com/AIGinsurance
| LinkedIn: www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
____________________________________1 Available for an
annual fee of 1.0%; certain conditions or limitations may apply.2
Certain conditions or limitations may apply.
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