AIG Research Shows Americans Without Life Insurance Not Taking Action to Reduce Financial Risks
July 17 2018 - 9:17AM
Business Wire
Innovative company products and resources can help mitigate
risks
New research announced by American International Group, Inc.
(NYSE:AIG) reveals that consumers who do not have life insurance
feel less prepared financially for the illness or death of self or
a loved one than people with life insurance; yet, they are not more
likely to act to reduce risk. AIG also found that having
insufficient retirement funds was among consumers’ most explored –
researched, discussed or thought-about – risks.
“This research confirms that many people don’t feel fully
prepared for the financial ramifications of death, chronic illness
or a retirement income shortfall,” said Rod Rishel, Chief Executive
Officer, Life Insurance, AIG. “Our Life Insurance business helps
consumers mitigate financial risks by offering a wide range of
innovative solutions designed to help individuals and their
families when they need it most. We’ve also developed new resources
to help financial professionals connect with and educate consumers
about solutions designed to meet multiple needs.”
The research – conducted online with more than 8,100 U.S.
consumers ages 21-64 – found that people who don’t own life
insurance:
- Feel 11 percentage points less prepared
for death of self than those who have life insurance.
- Are 14 percentage points less likely
than life insurance owners to increase their rate of retirement
savings in response to the risk of a market crash.
- Are twice as likely to take actions to
reduce financial risk of illness of self than of death.
The solutions available through AIG’s Life Insurance business
include products for consumers who may need increased supplemental
income in retirement, as well as life insurance policies with
integrated or available living benefit riders for chronic
illness.
AIG also offers resources including Generation Station, an
online tool to help financial professionals quickly pinpoint
appropriate life insurance offerings based on a client’s age, sex,
and a few other attributes. The tool, along with generational
outreach tips, is at www.aig.com/GenerationMatters.
Additionally, AIG has launched new online centers at
www.aig.com/IUL and www.aig.com/QoLIUL to share comprehensive
information about index universal life (IUL) insurance products.
IUL solutions are designed to offer life insurance protection,
opportunities for cash accumulation, income in retirement, and a
measure of protection against market downturns.
The AIG research was conducted online in the third and fourth
quarters of 2017. Additional data and insights from the research
will be released in coming months. For more information on AIG,
visit www.aig.com.
Respondents for this survey were selected from among those who
have volunteered to participate in online surveys and polls. The
data have been weighted to reflect the demographic composition of
the adult U.S. public, and then filtered to household insurance
decision-makers. As the sample is based on those who initially
self-selected for participation in the panel rather than a
probability sample, no estimates of sampling error can be
calculated. All sample surveys and polls may be subject to multiple
sources of error, including, but not limited to sampling error,
coverage error, and measurement error.
AIG’s Life business is a part of the company’s Life &
Retirement division, which brings together a broad portfolio of
retirement, life insurance and institutional products offered
through an extensive, multichannel distribution network. With its
customer-focused service, breadth of product expertise, deep
distribution relationships – and world-class team of talented
employees who are passionate about what they do – Life &
Retirement is well positioned to meet today’s and tomorrow’s
growing needs.
American International Group, Inc. (AIG) is a leading global
insurance organization. Founded in 1919, today AIG member companies
provide a wide range of property casualty insurance, life
insurance, retirement products, and other financial services to
customers in more than 80 countries and jurisdictions. These
diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and
provide for retirement security. AIG common stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn: www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press
release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds and insureds are therefore not
protected by such funds.
Policies issued by American General Life Insurance Company
(AGL), Houston, TX, except in New York, where issued by The United
States Life Insurance Company in the City of New York (US Life).
Issuing companies AGL and US Life are responsible for financial
obligations of insurance products and are members of American
International Group, Inc. (AIG). Products may not be available in
all states and product features, including rates, may vary by
state.
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version on businesswire.com: https://www.businesswire.com/news/home/20180717005137/en/
AIGMedia:Brent Connett, 713-831-6414brent.connett@aig.com
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