AIG Benefit Solutions
AIG Benefit Solutions, a business unit of American International Group that markets insurance products and services to employers and affinity groups, is now offering product packaging with up to five plans available.
The ProtectPak series is available in three package options: (1) ProtectPak 3 offers term life, accident and critical illness. (2) ProtectPak 4 offers term life, accident, critical illness and short term disability. (3) ProtectPak 5 offers term life, accident, critical illness, short term disability and vision insurance.
Each package offers three levels of protection: low, mid or high. With ProtectPak, employers pick the package they want to offer their employees and employees choose the level of protection that best suits their individual or family needs.
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.
Combining several products in a single package helps keep rates low—often at levels of one to three hours’ worth of wages. The rates remain the same across a group, regardless of an employee’s age.
For example, for groups of 100 to 999 lives, weekly rates for the ProtectPak 3 offering term life, accident and critical illness plans range from $5.97 for employees only to $15.55 for family coverage (under the low plan); under the high plan, employee only coverage is $11.16 and $24.91 for full-family coverage. Rates are also available to cover the employee and spouse only, and employee and child or children.
The term life plan offers a lump-sum monetary benefit in the event of the death of an employee, spouse or child (if elected) for the term of the policy, while the accident and critical illness plans offer lump-sum payments for covered injuries and illnesses.
The short term disability plan pays a weekly benefit for up to six months if a covered disabling illness or injury prevents an employee from working for an extended period of time. The vision plan pays for an annual eye exam and frames every two years. All ProtectPak offerings are issued by American General Life Insurance Company of Delaware.
The group benefits units of Chartis U.S. Accident and Health and American General Life Companies were recently merged to form AIG Benefit Solutions, which offers insurance products and services for employees, employers and affinity groups. Many of the products are available on both employer-funded and employee-paid platforms, and AIG Benefit Solutions also offers unique resources for underwriting, enrollment and plan administration.
