AIG Life has launched a whole-of-life insurance offering designed to protect customers’ assets should they no longer be able to live independently or leave a financial legacy to loved ones when they die.
Customers aged between 17 and 84 years can buy up to £400,000 of AIG Care Cover with Whole of Life Insurance.
Go deeper with GlobalData
They can receive 75% of the sum assured (up to £300,000) as care cover benefit if the insured person is diagnosed with a medical condition which means they are permanently unable to complete three or more everyday tasks as defined by AIG Life, or as having severe cognitive impairment.
Should the insured person not need to claim the care cover benefit, the insurance will pay 100% of the sum assured if the insured person dies or is diagnosed with a terminal illness.
AIG Care Cover with Whole of Life Insurance can be bought to insure one person or to insure a couple, and can pay out on joint life first event or on second event basis. The care cover benefit can also be claimed at any age.
It 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 trust online without the need for signatures, to assist with estate planning.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAIG Life developed this new offering after research it commissioned suggested consumers are uncertain how they would pay the care costs they could incur if they suffer an illness which brings permanent and lasting changes to their independence.
Steve Casey, head of marketing and propositions at AIG Life, said: "Our consumer research found half of those questioned believe we are facing an elderly care crisis. Yet 25% of people said they would probably have to sell their homes to pay for life-long care if they needed it and 11% don’t know how they would fund the cost at all.
"AIG Care Cover with Whole of Life Insurance has been designed to give customers peace of mind that there’s a plan in place to help with these costs if they should be unfortunate enough, at any age, to need life-long care, and to provide a life insurance legacy for loved ones if they don’t."
AIG Life was previously known as Ageas Protect. Ageas announced the completed sale of Ageas Protect to AIG for £197m in January 2015.
Speaking to Life Insurance International in June this year, Casey said AIG Life is looking beyond its intermediated distribution model and is examining partnership opportunities.
Casey said the direct to consumer route will become more and more important going forward since consumers live in a data rich environment.
He said: "As there is increased knowledge, and understanding and awareness, there will be a segment of the market that wishes to go directly to the consumer."
