Life InsuranceMay 14 2015

AIG unveils whole of Life insurance

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AIG unveils whole of Life insurance

AIG Life has launched whole of life insurance, meaning it now offers a complete range of protection that can be put into a trust online.

Steve Casey, head of marketing and propositions for the provider, said: “This is an exciting development for AIG Life and underpins our desire to provide intermediary partners with quality propositions to match their clients’ needs.

“It is the first in a series of developments around whole of life plans that we will be bringing to the market.”

Customers aged between 17 and 84 can buy up to £20m of AIG Whole of Life Insurance, which pays a lump sum when the policyholder dies or suffers a terminal illness.

They also have the option of increasing it by up to £5m to help finance the cost of inheritance tax should IHT legislation change in the future.

AIG’s Whole of Life Insurance also comes with access to Best Doctors, the second opinion medical service, as well as access to the Claims Support Fund, and can be put into a trust online without the need for signatures to assist with estate planning.

Adviser View

Robert Harvey, protection specialist at East Sussex-based Drewberry Insurance, said: “When it comes to trust planning, AIG is one of the very few insurers in the UK that allows advisers to complete all the trust documentation online. This is a big selling point for us, and across the industry this sort of ease and efficiency in writing policies into trusts needs a big push.

“We also like AIG’s free provision of the Best Doctors service, which could help save a policyholder’s life even if there are no claims on the policy.”