AIG’s fund cares for WoL
AIG Life has launched a whole-of-life insurance offering designed to protect the assets of customers if they cannot live independently or leave a financial legacy when they die.
AIG Care Cover with WoL Insurance can be bought to insure one person or a couple, and can pay out on a joint life first event or a second event basis. The care cover benefit can also be claimed at any age.
Key features
Customers between 17 and 84 years can buy up to £400,000 of AIG Care Cover with WoL.
They can receive 75 per cent of the sum assured (up to £300,000) as care cover benefit if they are eligible.
Should the insured person not need to claim the care cover benefit, the insurance will pay 100 per cent of the sum assured if the insured person dies or is diagnosed with a terminal illness.
It also comes with access to medical service Best Doctors.
It can be put into a trust online without the need for signatures.
Adviser verdict
Tom Conner, director for East Sussex-based Drewberry Insurance, said: “It is good that an insurer is trying to find a solution to the problem of funding long-term care, but personally I find the AIG policy a little confused.
“People usually take out WoL to cover funeral costs or an inheritance tax liability. If someone takes out this policy and claims on the care element, they will still be left with their initial problem, so this policy only provides enough cover to protect against one of two different situations. Ideally, the care cover would be in addition to the death benefit rather than as a substitute.”
