It’s a relaunch for AIG’s YourLife plan and the New Year is the ideal time to do it;
UK life insurer AIG Life Limited has redesigned its YourLife Plan Income Protection insurance, and made it easier to understand, to help even more people get access to affordable income protection (IP). AIG has simplified its IP while adding new features, and still offers two income replacement options to match customers’ budget and income protection needs.
It’s done away with suited occupation to underwrite all new customers in in full-time paid work under their own occupation, plus covers even more jobs including teachers, dentists and surgeons.
It now pays up to 60% of the first £60,000 of the customer’s salary plus 50% of anything after as a tax-free fixed monthly sum if the individual is too ill to work. Whether the customer chooses full IP (paying monthly benefits up to retirement) or the shorter two-year claim option.
If a customer returns to work following a claim then finds they’ve not fully recovered from that condition, AIG will waive the deferred period and pay the monthly benefit, provided it’s within 12 months of them returning to work. If they chose the shorter-term payment option, the linked claim is paid provided they haven’t exhausted the 24 months of benefit on that condition.
An income replacement guarantee means customers can claim up to £1,500 every month if their income has decreased since they bought insurance and no longer supports their chosen monthly benefit when they claim.
Plus, keen to improve customers’ understanding of income protection, AIG tested its key facts literature on consumers ahead of launch. Research found the majority of testers understood the document they were reading and the benefits that AIG’s income protection provides but highlighted where minor improvements could be made so customers better understand how it will help them.
Neil Davies, Chief Operating Officer for AIG Life, said: “We’ve redesigned our income protection to be more accessible in price and understanding because we want to help customers take action for the future and see the value of income protection. The number of working adults who are off work due to long-term sickness is rising, from two million people in 2019 to around 2.5 million people in 20221. Yet it’s income that fuels people’s lifestyles and allows them to do what they love. By revamping our financial and rehabilitation support, we make it easier for financial advisers to recommend AIG’s IP and help people return to a life they can enjoy.”
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