AIG Introduces State of New York’s First Fixed Annuity with a Guaranteed Lifetime Withdrawal Benefit
November 29 2017 - 09:14AM
Business Wire
Assured Edge Income Builder® Offers Investors Lifetime
Income, Opportunity to Increase Future Lifetime Income and
Protection from Market Volatility
American International Group, Inc. (NYSE:AIG), announced today
the launch of Assured Edge Income Builder-NY, a new fixed annuity
product issued by The United States Life Insurance Company in the
City of New York. It is the first fixed annuity with a guaranteed
lifetime withdrawal benefit offered in New York. Assured Edge
Income Builder offers clients a low risk, long-term retirement
income solution and guaranteed lifetime income.
“We are delighted to offer the state’s first fixed annuity with
a guaranteed living benefit, providing New York residents with a
product that brings value and customization, as well as security
and flexibility, to their retirement income strategy,” said Bryan
Pinsky, Senior Vice President, Individual Retirement at AIG. “We
launched Assured Edge Income Builder in other states last year and
investors have been drawn to the product’s multi-pronged value
proposition.”
Assured Edge Income Builder is intended to offer investors an
income advantage through the following features:
- Lifetime Income: Clients have
the flexibility to elect lifetime income immediately or in the
future, while maintaining access to their principal. Once lifetime
income withdrawals begin, they will continue even if the contract
value is depleted to zero, unless there is an excess
withdrawal.
- Future income growth: An initial
income percentage (used to calculate the guaranteed lifetime income
amount) will automatically increase by 0.25% annually for up to 15
years – even in years in which non-lifetime income withdrawals are
taken – or until clients elect to begin lifetime withdrawals …
whichever comes first.
- Principal protection: Investors
can protect principal from market volatility with guaranteed
interest rates.
“Investors have really made it clear that they want to maintain
access to retirement assets, have guaranteed income for life, and
stabilize their asset value,” said Michael Treske, EVP and Chief
Distribution Officer, Annuities and Mutual Funds at AIG. “Assured
Edge Income Builder does all this while also offering a rising
income opportunity. We will continue to develop solutions for
investors and as their needs evolve, so will our products.”
Assured Edge Income Builder-NY is available only in New York.
The guaranteed lifetime withdrawal benefit is automatically
included in the contract issue with no annual rider fee. A suite of
annuity products is available in all other states issued by
American General Life Insurance Company (AGL).
For more information about Assured Edge Income Builder, please
visit www.aig.com/annuities. Financial advisors may also contact
888-502-2900.
Annuities issued by The United States Life Insurance Company in
the City of New York (US Life), Policy #s: USL224-17; Rider #s:
USLGLB2 (2/17); R348-06-NY; R389-11-NY; R342-06-NY. Guarantees are
backed by the claims-paying ability of US Life. US Life is
responsible for financial obligations under its insurance products
and is a member of American International Group, Inc. (AIG).
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, 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 and the Tokyo 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171129005740/en/
AIGKenny Juarez (Media), 212-458-8352kenny.juarez@aig.comorLinda
Malamut (Media), 310-772-6533linda.malamut@aig.com
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