AIG’s division AIG Life & Retirement has added several enhancements to its Power Series of Index Annuities, which can bring increased flexibility and choice for its customers.
With the new enhancements, prospective customers of AIG, investing in Lifetime Income Plus Flex and Lifetime Income Plus Multiplier Flex products under the Power Series of Index Annuities, can now change coverage options between single and joint life to meet varying income needs and life events and withdraw without losing their annual step-ups and doubling guarantee.
Furthermore, customers can also access money and not lock in their withdrawal percentage for life, until they are ready to start retirement income.
Additionally, the company said that the Power Series of Index Annuities now offers policyholders access to small-cap stock index Russell 2000 and international stock index, the MSCI EAFE.
These two indices have been added to the existing S&P 500, PIMCO Global Optima and ML Strategic Balanced options provide greater choice and diversification.
The Power Series of Index Annuities is claimed to be one of the few retirement savings products to combine tax-deferred growth potential, principal protection against market downturns, with lifetime guaranteed retirement income.
Lifetime Income Plus Flex and Lifetime Income Plus Multiplier Flex are available in select Power Series Index Annuities for an annual fee.
AIG Individual Retirement president Todd Solash said: “Needs for retirement can change over time, sometimes quite dramatically. The Power Series of Index Annuities offers a breadth of accumulation choices and an extra dimension of income flexibility that can help our policyholders ensure they are protected during one of the most important phases of their lives.
“With the prospect of a very long life, unpredictable markets and higher healthcare costs, it’s critical for individuals to build a balanced portfolio that offers protections and guarantees, along with the flexibility to take income when needed.”
In April, AIG Life & Retirement announced Plan for 100, a new initiative focused on educating and empowering individuals, employers and financial advisors to help Americans prepare for longer lives and, in turn, retirements that could last 40 years or more.