American General Life Insurance Company (AGL) and Market Synergy
Group Introduce an Index Annuity Solution That Can Guarantee Rising
Income for Up to 10 Years and Offers the Potential to Double
Retirement Income
American International Group, Inc. (NYSE: AIG) announced today
that American General Life Insurance Company (AGL) has partnered
with Market Synergy Group to offer enhanced index annuity
solutions. These index annuities, developed exclusively for Market
Synergy Group and issued by AGL, provide individuals with a
powerful combination of principal protection and growth potential,
plus the opportunity for guaranteed rising income.
Market Synergy Group represents nine independent marketing
organizations (IMOs) with over $8 billion of index annuity sales
annually.
“Market Synergy Group brings the support and services of some of
the top annuity IMOs in the country,” said Rob Scheinerman,
Executive Vice President, Individual and Group Retirement, AIG Life
and Retirement. “Lance Sparks and his team at Market Synergy Group
bring tremendous marketing resources and expertise to the table,
and I’m confident that through this partnership, we will reach many
of the best independent producers in the country.”
“We are very excited to be partnering with AIG, one of the
world’s largest insurance organizations,” said Lance Sparks,
President, Market Synergy Group. “We are confident AIG will be a
dominant player in the index annuity space and look forward to
working with the company.”
“We’ve worked closely with Market Synergy Group to develop a
suite of index annuities that help address some of the key
retirement challenges facing Americans today,” Scheinerman
added.
The new Power Select Plus Income℠ Index Annuity can provide
lifetime income that is guaranteed to rise for up to 10 contract
years, even after withdrawals begin. Through the enhanced Lifetime
Income Plus living benefit rider, which is automatically included
for a 1.10% annual fee, individuals can receive a partial income
credit during the first 10 contract years to help provide them with
more future retirement income, as long as withdrawals are taken in
accordance with the rider’s terms. Individuals also have the
opportunity to double their retirement income potential, when no
withdrawals are taken before the 10th contract anniversary.
Guarantees are backed by the claims-paying ability of American
General Life Insurance Company.
“While we’ve seen tremendous growth in the index annuity market,
we believe our enhanced products and our partnership with Market
Synergy Group will help us grow our market share,” said
Scheinerman. “We are fully committed to expanding our presence in
the index annuity space as part of our mission to be the premier
provider of protection, investment, and income solutions needed for
financial and retirement security.”
Annuities are issued by American General Life Insurance
Company (AGL), 2727-A Allen Parkway, Houston, Texas 77019.
Contract Numbers: Power Select Builder and Power Select Plus
Income Modified Single Premium Deferred Fixed Index Annuities,
Contract Number AG-801 (12/12).
Rider Form Numbers: Market Value Adjustment (MVA) Rider, Form
Number AGE-8000 (12/12); Premium Enhancement Rider, Form Number
AGE-8001 (12/12); Lifetime Income Plus (Formal Name: Optional
Guaranteed Living Benefit Rider), Form Number AGE-8002 (9/13);
Annual Point-to-Point Index Interest Account Rider, Form Number
AGE-8003 (12/12); Monthly Point-to-Point Additive Index Interest
Account Rider, Form Number AGE-8005 (12/12); Terminal Illness
Rider, Form Number AGE-8007 (12/12); Extended Care Rider, Form
Number AGE-8008 (12/12); Activities of Daily Living Rider, Form
Number AGE-8009 (12/12); and Periodic Average Index Interest
Account Rider, Form Number AGE-8024 (9/13).
The underwriting risks, financial and contractual obligations
and support functions associated with products issued by American
General Life Insurance Company (AGL) are its responsibility. AGL
does not solicit business in the state of New York. Product and
features may not be available in all states and may vary by
state.
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 withdrawal charges. Withdrawals
may also be subject to federal and/or state income taxes. An
additional 10% federal tax may apply if clients make withdrawals or
surrender their annuity before age 59½.
Lifetime Income Plus has an annual fee of 1.10% of the Income
Base (1.0% in Minnesota). Restrictions and limitations apply.
Contract and living benefit guarantees are backed by the
claims-paying ability of AGL.
The Income Base is the amount on which lifetime withdrawals and
the rider fee are based; it is not used in the calculation of the
contract value or any other benefits under the contract, and cannot
be withdrawn partially or in a lump sum. The Income Base is
initially equal to the first eligible premium and premium
enhancement; it is adjusted for excess withdrawals and is increased
each time an eligible premium and corresponding premium
enhancement, if any, is made. On each contract anniversary, the
Income Base is set to equal the greater of (1) the anniversary
value, if it is higher than all previous anniversary values or (2)
the current Income Base increased by any available income credit.
On the 10th contract anniversary, the Income Base may be increased
to the Minimum Income Base (200% of eligible premiums, which do not
include premium enhancements), if no withdrawals have been taken
from the contract.
AIG Life and Retirement is the enterprise name of a group of
companies offering insurance, retirement and investment services
through a diverse family of financial services companies, including
AGL. AIG Life and Retirement and AGL are part of the American
International Group, Inc. (AIG) family of financial services
companies. Not all products are available in all firms.
American International Group, Inc. (AIG) is a leading
international insurance organization serving customers in more than
130 countries and jurisdictions. 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.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGInsurance | LinkedIn:
http://www.linkedin.com/company/aig |
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
Not FDIC or NCUA/NCUSIF InsuredMay Lose
Value • No Bank or Credit Union GuaranteeNot a Deposit • Not
Insured by any Federal Government Agency
AIGLinda Malamut, 310-772-6533linda.malamut@aig.com
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