"When they approached us with details of their new IP plan and how they wanted to co-ordinate its launch within our new IP Insight Zone, we were excited to support their plans."
- Alan Lakey, Founder & Director at CIExpert
AIG Life has simplified its ‘YourLife’ Income Protection (IP) proposition with the addition of new features and the retention of two income replacement options that match customers’ budget and IP needs. Instead of using ‘Suited Occupation’ to underwrite new customers in full-time employment, AIG will now accept ‘Own Occupation’ to allow for a more varied portfolio of professions, including teachers, dentists, and surgeons.
Likewise, AIG will pay up to 60% of the first £60k of a customer’s salary plus 50% of anything after as a tax-free fixed monthly sum if the individual is unable to work due to injury or illness. This will happen whether the customer opts for standard IP or AIG’s two-year claim option.
If a customer returns to work, following a claim, but finds they’re not fully recovered, AIG will waive the deferred period and continue to pay the monthly benefit if this occurs within twelve months of the individual returning to the workplace. If they’ve chosen the short-term payment option, the linked claim will be paid if they haven’t exhausted the twenty-four months of benefit with that condition.
This income replacement guarantee means customers can claim up to £1.5k every month if their income has decreased since they’d purchased their policy, and no longer supports their chosen monthly benefit when they claim.
Waiver of premium has also been extended to include unemployment and the guaranteed insurability option (GIO) has been extended to a maximum age of 59. Additionally, four countries have been added to the list of acceptable territories where claims can be accepted.
Neil Davies, Chief Operating Officer at AIG Life, said this redesign will make IP more accessible in price and understanding; “we want to help customers take action for the future and see the value of IP.” He believes AIG’s financial and rehabilitation support will “make it easier for financial advisers help people return to a life they can enjoy.”
Since these improvements, AIG’s re-vamped ‘YourLife’ proposition has been added to CIExperts’ newly established IP Insight Zone. Last year, in a major strategic move, CIExpert created this Insight Zone to provide advisers with easy access to key information on all aspects of IP policies. Its digital dashboard design offers a ‘birds-eye’ view of all aspects in a user-friendly format, while its interactive tools allow advisers to explore policy features and improve their knowledge of the market.
READ MORE: CIExpert debuts Guardian’s new Income Protection product in major strategic move
Alan Lakey, Founder & Director at CIExpert, said AIG was one of the first to join our Insight Zone in 2021, “so when they approached us with details of their new IP plan and how they wanted to co-ordinate its launch within our new IP Insight Zone, we were excited to support their plans.”
