Why Sell AIG's Accelerated Benefit Rider?

AIG does not offer traditional long-term care insurance, but they do offer an Accelerated Benefits Rider that offers living benefits from life insurance.

Accelerated Benefit Rider

This rider from AIG can help to pay for the costs of treatment for qualifying illnesses or conditions—or any other expenses. It does this by including, for no additional premium, a valuable rider that allows you to access your base life insurance benefit while you are alive if you have a qualifying illness or condition.

The following qualifying critical illnesses or conditions are defined in the rider:

  • Major Heart Attack
  • Coronary Artery Bypass
  • Stroke
  • Invasive Cancer
  • Blood Cancers: Leukemia, Lymphoma and Multiple Myeloma
  • Major Organ Transplant
  • End Stage Renal Failure
  • Paralysis
  • Coma
  • Severe Burn

This rider allows the owner to accelerate some or all of the Insured Person’s base life insurance benefit in the event the insured is diagnosed with a chronic illness or condition. A qualifying illness is an illness or physical condition that was initially certified by a licensed health care practitioner within the past 12 months and affects the insured person as described in the rider so that he or she:

  • Is unable to perform at least two Activities of Daily Living (ADLs); or
  • Requires substantial supervision by another person to protect the insured person from threats to health and safety due to severe cognitive impairment.

Benefit eligibility is subject to limitations and/or Waiting Period, Elimination Period and exclusion requirements. Please read the rider carefully for a complete definition of benefits and the conditions.

The maximum amount of life insurance benefit that may be accelerated is subject to the MaximumElected Death Benefit, which is the lesser of the current life insurance benefit or a lifetime maximum amount of $1,500,000.

Please note: The life insurance offered with a SelectChoice Accelerated Benefit Rider is not stand-alone long term care insurance, disability income insurance, or other insurance designed to cover specific costs associated with an illness or condition. Receiving benefits under the rider will reduce the amounts available for future acceleration under it and any other Accelerated Benefit Rider attached to the policy. It will also reduce the base life insurance benefit and the funds available to supplement retirement or other needs. In some cases, such reductions can result in policy termination. Any benefits paid under the rider may be less than what is needed to cover all of the costs associated with an illness or condition.

Need forms for this product? Visit AIG's Life Insurance page.

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This product may be available in other states not listed. Please contact us to inquire.