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AIG Unit Offers Guaranteed Issue Limited Benefit Plan

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A large insurer is rolling out a product aimed at workers who need supplemental health insurance or can afford only a small amount of coverage.

AIG American General, Houston, a unit of American International Group Inc., New York, says its new AIG Group Limited HealthCare plan will provide specific dollar amounts of coverage for medical expenses such as routine doctor visits and prescription medications.

AIG American General will be writing the coverage through 2 sister companies, AIG Life Insurance Company and American International Life Assurance Company of New York.

The company will be selling the product on a guaranteed issue basis, and the only pre-existing condition exclusion will be for pregnancy.

The plan will cover pregnancies that start after coverage is in place, according to AIG American General.