LOS ANGELES, CA— American International Group, Inc. (NYSE:AIG), announced the launch of Assured Edge Income Builder, a new fixed annuity product issued by American General Life Insurance Company (AGL). Appealing to investors who are looking for a low risk, long-term retirement income solution, Assured Edge Income Builder offers clients guaranteed lifetime income.
“Assured Edge Income Builder allows investors to maintain access to their retirement assets and have guaranteed income for life, stability in their asset value, plus a rising income opportunity – a highly valued combination for retirees,” said Bryan Pinsky, senior vice president, individual retirement products at AIG. “By allowing investors to predict retirement income and protect their principal from market risk, we are able to provide a product that offers both security and flexibility.”
Assured Edge Income Builder is intended to offer investors an income advantage through the following features:
- Lifetime Income: The contract currently offers investors age 65 at contract issue a guaranteed income up to 5.6 percent of the contract value. Higher percentages of up to 6.35 percent are currently available for older issue ages, and lower withdrawal rates apply to younger issue ages. Income rates are determined based on the age at contract issue. In addition the contract offers 7.5 percent (simple interest) income credit growth each year withdrawals are not taken until the investor elects to begin lifetime income withdrawals.
- Income Flexibility: Investors can elect to start lifetime income immediately or in the future. Investors can also start receiving lifetime income as early as age 50. Assured Edge Income Builder also provides certain contract provisions that allow investors to access money through “penalty-free withdrawals” without incurring a withdrawal charge or market value adjustment.
- Security: Investors can protect their principal from the ups and downs of market risk with guaranteed interest rates.
“As we designed this product, we worked closely with our distribution partners to understand what investors want right now," said Michael Treske, EVP and Chief Distribution Officer, Annuities and Mutual Funds at AIG. “Time and time again, we were told investors want security, flexibility, access to money and guarantees. Assured Edge Income Builder delivers on all of these requests – for life.”
Assured Edge Income Builder is available in all states except New York. American General Life Insurance Company does not solicit business in the state of New York. An annual fee for the Guaranteed Lifetime Withdrawal Benefit applies.
For more information about Assured Edge Income Builder, please visit www.aig.com/annuities. Financial advisors may also contact 888-502-2900.