AIG Secure Life GUL 3 Reprice

On October 17, in response to the historically low interest rate environment, we have an upcoming pricing change to our Secure Lifetime GUL 3 product for new sales. Premiums will increase an average of 1-5% depending on age, underwriting classes, and funding pattern. Full details, including transition rules, will be available at launch.

Secure Lifetime GUL 3: Updated Rates Nationwide Available in NY w/ Market-Leading Position

In response to the historically low interest rate environment, we will be increasing premiums on Secure Lifetime GUL 3 an average of 1-5% depending on age, underwriting class and funding patterns effective October 17, 2016. On this date, we will be re-entering the New York market with the Secure Lifetime GUL 3 product at the same competitive rates as the nationally available product.

GUL 3 offers strong pricing and outstanding value with unique partial withdrawal capability and Return of Premium (ROP) options that set this product apart from the competition – especially in the New York market.

 

Nationwide Features and Pricing

• Market-leading price
  • AIG maintains a superior position, now in the Top 2 or 3 for ages 55+ guaranteed to 100 depending upon pay scenario. See how competitive we continue to be… Learn more
• Unique Partial Withdrawal Capability
  • Before you discuss Return of Premium, don’t forget the value of our unique partial withdrawal capability described above in the NY version.
• Return of Premium (ROP) enhancements
  • No changes to our 2 previous ROP options (via the Enhanced Surrender Value rider) automatically included in the policy:
    • Year 20 = 50% of total premium paid
    • Year 25 = 100% of total premium paid
• Living Benefit Riders
  • Accelerated Access Solution – Now with no permanency requirement. Learn more
  • Lifestyle Income Solution – Guaranteed withdrawal benefits… Learn more

 

 

New York Market Features & Pricing

• Market-leading price
  • Nearly 75% of the time, we are ranked #1 or #2 in New York! See details
• Unique Partial Withdrawal Capability
  • No one else in NY can offer this unique feature. If needs change, policy holders can reduce the death benefit while maintaining the original coverage guarantee period.
• Return of Premium (ROP) enhancements
  • Only one competitor in NY offers a Return of Premium feature. We offer 2 ROP options (cia the Enhanced Surrender Value rider) automatically included in the policy:
    • Year 20 = 50% of total premium paid
    • Year 25 = 100% of total premium paid
• Living Benefit Riders
  • AIG will not offer Accelerated Access Solution and Lifestyle Income Solution in NY

 

 

GUL 3 (National) Transition Rules

New rates effective 10/17/16

• GUL 3 applications received on or before November 30, 2016 will receive the old rate if new rate is not specified in the quote*.

*During transition period, quotes generated through Winflex receive the new rate. TO receive a quote with the old rates, it must be requested from the Sales Support Desk.

• If during the transition period, a quote is received with the new rate, the new rate will be accepted.
• GUL 3 applicants received after November 30, 2016 will receive the new rates. If a quote with old rates is received at application submission a requirement will be posted requesting a new quote with new rates.
• Reissue requests will not be honored.

Applications received via Quick Ticket

• Applications (with the paramedical exam) received before November 30, 2016 will be issued with the rate specified in the quote. Note: After 10/17/16, only new rates may be quoted via Quick Ticket.
• The old product/rates can be applied through the paper application process and if received on or before November 30, 2016 will be issued with the old rate. Refer SL3 general transition rules for details.

Rapid Rate

• On or after October 17, 2016, only the new rates would be available.