American International Group, Inc. : AIG Benefit Solutions Launches ProtectPak Series Offering Benefit Packages of 3 to 5 Products
02/07/2012 | 09:15am
AIG Benefit Solutions, a business unit of American International Group,
Inc. (NYSE: AIG) that markets a wide range of insurance products and
services to employers and affinity groups, is now offering product
packaging, with up to five popular voluntary plans available in
affordable packages.
The ProtectPakSM series is available in three package options:
-
ProtectPak 3 offers three products: term life, accident and critical
illness.
-
ProtectPak 4 offers four products: term life, accident, critical
illness and short-term disability.
-
ProtectPak 5 offers five products: term life, accident, critical
illness, short-term disability and vision insurance.
Each package offers three levels of protection: Low, Mid or High. With
ProtectPak, employers pick the package they want to offer their
employees and employees choose the level of protection that best suits
their individual or family needs. Four rates are available within each
benefits level: employee only; employee and spouse; employee and
child(ren); and employee and family. The ProtectPak series is available
for groups of all sizes, ranging from two lives to thousands of lives.
Curt Olson, President and CEO of AIG Benefit Solutions, said ProtectPak
is designed to meet the needs of employers and employees with a product
that offers affordability and simplicity.
"The benefit choices that employees face can sometimes feel
overwhelming, but ProtectPak makes it simpler by offering well-rounded
coverage employees can understand, at price points that meet their needs
and budgets," Olson said. "And since all of the products are voluntary,
there is no cost to the employer while employees will appreciate having
the opportunity to purchase additional coverage based on their needs."
Combining several products in a single package helps keep rates low --
often at levels of one to three hours' worth of wages. The rates remain
the same across a group, regardless of an employee's age.
For example, for groups of 100 to 999 lives, weekly rates for the
ProtectPak 3 offering term life, accident and critical illness plans
range from $5.97 for employees only and $15.55 for family coverage
(under the Low plan) to $11.16 for employee-only coverage and $24.91 for
full-family coverage under the High plan. Rates are also available to
cover the employee and spouse only, and employee and child or children.
"Voluntary insurance products are an increasingly important part of an
employee's benefits package," Olson said. "ProtectPak puts some of the
most popular and important voluntary plans into a single, affordable
package that can be offered in one enrollment with one application."
The term life plan offers a lump-sum monetary benefit in the event of
the death of an employee, spouse or child (if elected) for the term of
the policy, while the accident and critical illness plans offer lump-sum
payments for covered injuries and illnesses.
The short-term disability plan pays a weekly benefit for up to six
months if a covered disabling illness or injury prevents an employee
from working for an extended period of time; the vision plan pays for an
annual eye exam and frames every two years. All ProtectPak offerings are
issued by American General Life Insurance Company of Delaware.
ProtectPak is the latest innovation from AIG, which recently merged the
group benefits units of Chartis U.S. Accident and Health and American
General Life Companies to form AIG Benefit Solutions. AIG Benefit
Solutions offers one of the industry's broadest portfolios of insurance
products and services for employees, employers and affinity groups. Many
of the products are available on both employer-funded and employee-paid
platforms, and AIG Benefit Solutions also offers unique resources for
underwriting, enrollment and plan administration.
For information on ProtectPak, visit the Benefit Solutions' website at www.americangeneral.com/employeebenefits
and click on "Insurance Professionals."
AIG Benefit Solutions® is the marketing name for the domestic
benefits division of American International Group, Inc. Underwriting
risks, financial and contractual obligations, and support functions
associated with products marketed by AIG Benefit Solutions are the
responsibility of the underwriting companies, which include American
General Life Insurance Company of Delaware* (Wilmington, DE), American
General Assurance Company* (Schaumburg, IL), American General Indemnity
Company* (Schaumburg, IL), American General Life Insurance Company*
(Houston, TX), The United States Life Insurance Company in the City of
New York (New York, NY) and National Union Fire Insurance Company of
Pittsburgh, Pa., with its principal place of business in New York, NY.
*These companies do not solicit business in New York.
Policies issued by:
American General Life Insurance Company of
Delaware
Wilmington, Delaware
Policy Form Numbers C22438,
GCI50001, G-DIS-41000, G-LAD-40000, N20000
www.americangeneral.com/employeebenefits
American General Life Companies, www.americangeneral.com,
is the marketing name for the insurance companies and affiliates
comprising the domestic life operations of American International Group,
Inc., including American General Life Insurance Company of Delaware.
The underwriting risks, financial and contractual obligations and
support functions associated with products issued by American General
Life Insurance Company of Delaware are its responsibility. American
General Life Insurance Company of Delaware does not solicit business in
the state of New York. Policies are not available in all states. For
critical illness, comprehensive medical coverage may be required in some
states in order to apply for or maintain this coverage.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. AIG
companies serve commercial, institutional, and individual customers
through one of the most extensive worldwide property-casualty networks
of any insurer. In addition, AIG companies are leading providers of life
insurance and retirement services in the United States. AIG common stock
is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG Benefit Solutions
Linda Malamut
310-772-6533
lmalamut@safg.com
© Business Wire 2012
