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New Products: AIG, Creative Marketing, Genworth, New York Life

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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.

Creative Marketing, Leawood, Kan., has launched a deferred compensation plan for producers.

The company says that contracted producers who meet eligibility and qualification requirements are automatically enrolled in the deferred comp program and earn additional basis points on their premium, which will grow tax deferred and be paid by Creative at a later scheduled date. The program is offered at no cost to producers.

Creative Marketing says that producers can earn as much as 20 basis points more in tax-deferred retirement money on annuity business and 400 basis points on life business conducted through Creative Marketing without sacrificing earnings from current contracts.

Genworth Financial Wealth Management, a subsidiary of Genworth Financial, Inc., Richmond, Va. (NYSE: GNW), has upgraded an eWealthManager online platform that financial advisors use to work GFWM. The upgraded eWealthManager site enables advisors to:

  • See their practice at a glance
  • View investment summaries by asset allocation approaches, asset classes or solution types
  • View performance of the portfolio strategists in each of GFWM’s asset allocation approaches
  • Compare the investment characteristics of portfolio strategists
  • Evaluate their firm’s activity and growth on the platform
  • Host secure client meetings with the new Meeting Mode feature
  • Understand their clients’ activity on the site
  • Leverage business planning tools and calculators to enhance business results

New York Life Insurance Company, New York, has disclosed that premiums garnered on hits new Guaranteed Future Income Annuity have exceeded $230 million since the product’s debut in July, making the product the fastest growing annuity in the company’s history.

The company adds that sales of the annuity, which initially began through agents, now make up 35% of guaranteed income annuity sales through New York Life’s nationwide field force of 12,250 agents. The remaining 65% of sales come from New York Life’s traditional guaranteed income annuities, where income starts immediately.

The new product lets policyholders set an income start date in the future, at which time they begin receiving guaranteed income payments for life. Between the initial premium date and the income start date, policyholders can continue to purchase future income by making additional premium payments. And they can defer or accelerate their income start date as personal needs change.

New York Life says the product is targeted to pre-retirees between the ages of 55 and 65 who plan to retire in 5 to 10 years.