UK-based insurer AIG Life has redesigned its YourLife Plan income protection insurance to make it easier to understand and access.
In addition, AIG has added new features to its income protection plan and still offers two income replacement options to match budgets and needs.
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Suited occupation to underwrite all new customers in gone and even more jobs are now covered, including dentists, teachers, and surgeons.
As a result of the changes, it now pays up to 60% of the first £60,000 ($75,700) 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.
Furthermore, 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.
Also, to improve customers’ knowledge on income protection, AIG tested its literature on consumers before launch and improvements were made where needed.
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By GlobalDataNeil 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.”
The UK Competition Markets Authority (CMA) has started a probe to scrutinise Aviva‘s recent proposal to acquire AIG Life UK.
This is aimed at evaluating whether the move could potentially diminish competition within the UK insurance services sector.
Announced in September 2023, the deal involves Aviva purchasing AIG Life UK from Corebridge Financial, a subsidiary of American International Group (AIG), for £460m ($562.83m).
