AIG Benefit Solutions, a business unit of American International Group, Inc., New York (NYSE: AIG) has debuted a series of packaged insurance products for the voluntary employee benefits market. Dubbed ProtectPak, the series includes three options:
ProtectPak 3, which includes three insurance products: term life, accident and critical illness insurance products.
ProtectPak 4, which includes four insurance products: term life, accident, critical illness and short-term disability.
ProtectPak 5, which encompasses five insurance products: term life, accident, critical illness, short-term disability and vision insurance.
AIG Benefit Solutions says each package offers three levels of protection—low, mid or high. Employers pick the package they want and their employees choose a level of protection.
The company adds that four rates are available within each benefits level: employee only; employee and spouse; employee and child(ren); and employee and family. The ProtectPak series is available for groups of all sizes, ranging from two lives to thousands of lives.
The ProtectPak release follows the merger of the group benefits units of Chartis U.S. Accident and Health and American General Life Companies, the merged entities now operating as AIG Benefit Solutions.