AIG has launched its 2009 priority protection product range, after commencing a $10 million technology systems upgrade to support product offerings.
"Some of the bold innovations ... are providing advisers with a renewed confidence that matches our desire to positively lead the market," AIG Life adviser services head David Mounsey said.
"We are committed to making the process of buying life insurance as easy and attractive as possible and I think our initiatives, particularly on the premium side, go a long way to delivering on this."
New features include an optimum premium basis, which allows clients to start paying premiums on a low cost stepped premium basis and automatically convert to a level premium basis at a pre-determined date.
Another feature is a forward underwriting benefit (maximum of $10 million), which allow clients to lock in their future insurability based on their current state of health.
Other improvements include: a new accidental death benefit paying a lump sum of up to $1 million; a new partial and permanent disablement benefit of up to $250,000, a 30 per cent premium discount to life cover lump sum cases where the sum insured exceeds $1 million; and a disability income partial disablement benefit now available from day one on white collar clients, removing the seven-day waiting period.
The CD-based product disclosure statement is also a major step forward for AIG Life and the life insurance industry as a whole, as it sends a message to customers AIG Life is moving with the times, Mounsey said.
