AIG Life releases care cover with whole of life insurance

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AIG Life has launched a whole of life insurance policy designed to protect the assets of customers should they no longer be able to live independently or if they want to leave an inheritance.

Customers aged between 17 and 84 years can buy up to £400,000 of AIG Care Cover with Whole of Life Insurance.

They can receive 75% of the sum assured (up to £300,000) as care cover benefit if the insured person is diagnosed with a medical condition which means they are permanently unable to complete three or more everyday tasks as defined by AIG Life, or as having severe cognitive impairment.

Should the insured person not need to claim the care cover benefit, the insurance will pay 100% of the sum assured if the insured person dies or is diagnosed with a terminal illness, AIG Life said.

The policy can insure one person or to insure a couple, and can pay out on joint life first event or on second event basis.

The care cover benefit can also be claimed at any age.

It also comes with access to Best Doctors, the second opinion medical service, and access to the Claims Support Fund.

It can be put into trust online without the need for signatures, to assist with estate planning.

In December 2014, AIG Life, previously named Ageas Protect, had told COVER the product would be released in 2015.

Steve Casey, head of marketing & propositions at AIG Life, said: "Our consumer research found half of those questioned believe we are facing an elderly care crisis. Yet 25% of people said they would probably have to sell their homes to pay for life-long care if they needed it and 11% don't know how they would fund the cost at all.

"AIG Care Cover with Whole of Life Insurance has been designed to give customers peace of mind that there's a plan in place to help with these costs if they should be unfortunate enough, at any age, to need life-long care, and to provide a life insurance legacy for loved ones if they don't."

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