The statement will include reminders such as the benefits attached to the policy, how to claim and the importance of putting life insurance into trust.
A copy of the statement will be sent to the customer’s financial intermediary to help conduct an annual review of the customer’s protection needs.
Customers will receive an email each year on the date their insurance was taken out containing a PDF summary of all protection insurance they hold with AIG and how to access support.
AIG’s annual insurance statement was created partly in response to a call from the Protection Distributors Group and F&TRC for all life insurance providers to issue annual statements.
David Mead, CEO at financial adviser firm Future Proof, was one of the intermediaries who provided feedback on AIG’s protection statement.
“We are delighted to see that AIG Life is making the important step of providing customers with an annual benefits statement,” said Mead. “Protection is often seen as a one-off purchase, and the value and detail of the cover and the additional benefits such as access to Best Doctors is soon forgotten about. This means the customer is left to focus only on the cost and not the ongoing benefits.
“In our experience, this bold move by AIG Life will create better customer outcomes and encourage more people, who haven’t already done so, to arrange their policies within a trust. I’m sure my fellow members of the PDG will also be encouraged by this positive step.”