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AIG Finds that 56 Percent of Life Insurance Owners are Optimists | Business Wire


HOUSTON–(BUSINESS WIRE)–New consumer research insights from American International Group, Inc.

(NYSE: AIG) reveal that 56 percent of life insurance owners are

optimists, while only 48 percent of people who don’t have life insurance

are optimists. AIG also found that only 53 percent of U.S. consumers

ages 21-64 own life insurance.

For purposes of the research, optimists were identified by their level

of agreement with a battery of statements such as “In uncertain times, I

usually expect the best,” “I’m always optimistic about my future,” and

“Overall, I expect more good things to happen to me than bad.”

“We’re continuing to assess consumer mindsets, behaviors and needs, and

respond with products designed to help people facilitate financially

fulfilling futures,” said Rod Rishel, Chief Executive Officer, Life

Insurance, AIG. “With September being Life Insurance Awareness Month,

now is a perfect time for financial professionals to educate their

clients about key protection and retirement planning solutions for

themselves and their loved ones.”

The AIG research also revealed that participants in group retirement

plans, such as 401(k) and pension plans,are the most likely U.S.

consumers to own life insurance. AIG found that 69 percent of

participants in group retirement plansalso own life insurance,

while only 44 percentof non-participants own life insurance.

Additionally, AIG found that:

  • Among consumers who do not participate in a group retirement plan,

    those who own an individual retirement plan, such as an IRA, are most

    likely to own life insurance. Of these consumers with individual

    retirement plans, 64 percent also own life insurance, while only 37

    percent of consumers who do not own individual retirement plans own

    life insurance.

  • Life insurance owners are older and more affluent than non-owners. The

    median age of life insurance owners is 43, versus 39 for non-owners,

    and the median annual income of life insurance owners is $88,000,

    versus $70,000 for non-owners.

  • Also, life insurance owners are more likely than non-owners to work

    full time (71 percent versus 60 percent), be homeowners (76 percent

    versus 64 percent) and be married (64 percent versus 53 percent).

“The implication is that younger, less affluent consumers are

underserved when it comes to life insurance,” Rishel said. “However,

affordable solutions, such as customizable term life insurance products,

are available through AIG to help meet the needs of the underinsured,

whether or not they participate in a formal retirement plan.”

Additionally, the solutions available through AIG’s domestic life

insurers, such as index universal life (IUL) insurance and other

permanent life insurance products, may be the right choice for many

consumers. IUL insurance products, for example, offer death benefit

protection, opportunities for cash accumulation, supplemental income in

retirement and a measure of protection against market downturns.

The AIG research was conducted online with more than 8,100 U.S. adults,

ages 21-64, in the third and fourth quarters of 2017.

For more information on AIG, visit www.aig.com.

Policies issued by American General Life Insurance Company (AGL),

Houston, Texas, 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). Guarantees are backed by the claims-paying ability of the issuing

insurance company. Products may not be available in all states and

product features may vary by state. Please refer to your policy.

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.

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