AIG Life – previously known as Ageas Protect – has launched a whole of life insurance product in the UK that comes with access to Best Doctors, a second opinion medical service.
The policy allows customers aged between 17 and 84 years to purchase up to £20m of AIG whole of life insurance, which pays a lump sum when the policyholder dies or suffers a terminal illness.
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They also have the option of increasing it by up to £5m to help finance the cost of inheritance tax should IHT legislation change in the future.
The whole of life insurance policy is the last product to be unveiled as part of AIG Life’s core range of financial protection, alongside term assurance, critical illness cover, income protection, relevant life insurance and business protection.
AIG Life said the whole of life product can be put into trust online without the need for signatures to assist with estate planning.
Steve Casey, head of marketing and propositions at AIG Life, described the launch of the product as an "exciting development".
He said: "It is the first in a series of developments around whole of life plans that we will be bringing to the market."
AIG Life is the life insurance arm of AIG in the UK, Channel Islands and Isle of Man.
Ageas completed the sale of its 100% shareholding in Ageas Protect, its UK Life Protection company to AIG for a total consideration of £197m.
The transaction, which was first announced on 6 August 2014, was approved by the regulator and closing of the sale took place on 31 December 2014.
