AIG Life is to email all customers who buy AIG protection and life insurance from July 1 2017 with an annual insurance statement.

Customers will receive the email each year on the date their insurance was taken out containing a PDF summary of all protection insurance they hold with AIG and how to access the support offered by AIG Life.

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Along with key details of the insurance they bought, AIG’s annual insurance statement will:

  • remind customers of the added value benefits they receive as part of their insurance, including access to Best Doctors, second opinion medical service, and Winston’s Wish, children’s bereavement charity;
  • encourage them to check they have sufficient cover to meet their current needs, and
  • explain what to do if they need to make a claim

If they bought their protection insurance through a financial adviser, a copy will be sent to the financial intermediary to help conduct an annual review of the customer’s protection needs where appropriate.

AIG Life sought feedback from intermediaries on the content and style of its annual insurance statement. Advisers said information on added value benefits, how to claim and the importance of putting life insurance into trust were especially useful.

AIG’s annual insurance statement was created partly in response to a call from the Protection Distributors Group and F&TRC for all life insurance providers to issue annual statements.

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Vicky Churcher, Intermediary Director at AIG Life, said AIG Life hopes its annual insurance statements will help its customers and their financial advisers check they have the right amount of cover in place for their current needs, as well as encourage them to use all of the services the life insurer provides.

David Mead, CEO at financial adviser firm Future Proof, was one of the intermediaries who provided feedback on AIG’s protection statement.

Mead said: “Protection is often seen as a one-off purchase, and the value and detail of the cover and the additional benefits such as access to Best Doctors is soon forgotten about. This means the customer is left to focus only on the cost and not the ongoing benefits.

“In our experience, this bold move by AIG Life will create better customer outcomes and to encourage more people, who haven’t already done so, to arrange their policies within a trust. I’m sure my fellow members of the PDG will also be encouraged by this positive step.”