AIG Employee Benefit Solutions(R) Announces LIVESTRONG(TM) SurvivorPlan
* Reuters is not responsible for the content in this press release.
New supplemental insurance policy provides education, resources and benefits to advance wellness - plus support should a cancer diagnosis occur HOUSTON--(Business Wire)-- AIG Employee Benefit Solutions(R) announced today the launch of the LIVESTRONG(TM) SurvivorPlan, a distinctive supplemental insurance policy developed in partnership with the Lance Armstrong Foundation. The new policy provides participants the opportunity to connect with a broad array of resources designed to help them stay healthy and, should a cancer diagnosis arise, take control of their treatment. The policy is being offered to the employer market through AIG Employee Benefit Solutions and is underwritten by AIG Life Insurance Company, Wilmington, DE, and American International Life Assurance Company of New York, N.Y. "In addition to giving employees educational and financial resources to help them live a healthy lifestyle today, the LIVESTRONG SurvivorPlan also provides them with emotional and financial benefits in the event of a diagnosis," said John Penko, senior vice president of sales, AIG Employee Benefit Solutions. "This is a plan any employer can get behind to protect their employees." In terms of keeping employees healthy, early detection is one of the keys. As such, the LIVESTRONG SurvivorPlan provides an annual $100 screening benefit to cover a wide variety of early detection tests such as mammograms, colonoscopies, electrocardiograms and others. For those employees or members of their family covered under the plan who receive a cancer diagnosis, the LIVESTRONG SurvivorPlan provides them with immediate access to the outstanding support system of the Lance Armstrong Foundation and also delivers the financial support needed to stay focused on recovery. "While most health insurance can cover the direct costs of a cancer diagnosis, out-of-pocket costs and other expenses place a tremendous financial burden on cancer survivors and their families," said Penko. Loss of wages and salary, deductibles, coinsurance, travel expenses to and from treatment centers, lodging, meals and child care comprise about 63 percent of the total cost of cancer treatment.(1) The LIVESTRONG SurvivorPlan helps offset these costs, which are not often considered when dealing with cancer. Plus, all benefits are payable directly to the insured to use as they see fit. For some, this may mean a practical application of the funds to offset related medical expenses, while others may opt to use the funds to spend quality time with family. No one experiences cancer the same way, and the LIVESTRONG SurvivorPlan enables policy owners the flexibility to use the financial benefit however they want. "When most people think of insurance, they think of it as a benefit to families of a loved one who has died," said Doug Ulman, Lance Armstrong Foundation president. "The LIVESTRONG SurvivorPlan is a living benefit, paid to the policyholder upon diagnosis to help them pay for the costs associated with their disease and hopeful recovery. It is intended for people living with cancer; people who are planning for survival and fighting the disease every day. We believe in helping survivors every step of the way, and that includes making smart financial decisions." Other coverages provided by the LIVESTRONG SurvivorPlan include, but are not limited to prolonged hospital stays, radiation/chemotherapy treatments, intensive care unit treatment, nursing services and hospice care, bone marrow transplants, second surgical opinions and National Cancer Institute evaluation/consultation. For more information on AIG Employee Benefit Solutions' LIVESTRONG SurvivorPlan, visit www.aiglivestrong.com. (1) Cancer Facts & Figures, American Cancer Society, 2005 About the Lance Armstrong Foundation The Lance Armstrong Foundation (LAF) unites people through programs and experiences to empower cancer survivors to live life on their own terms and to raise awareness and funds for the fight against cancer. The LAF focuses on cancer prevention, access to screening and care, research and quality of life for cancer survivors. Founded in 1997 by cancer survivor and champion cyclist Lance Armstrong, the LAF has raised more than $250 million for the fight against cancer. Join 60 million LIVESTRONG wristband wearers and help make cancer a national priority. Unite and fight cancer at LIVESTRONG.org. AIG Employee Benefit Solutions(R), www.aigebs.com, is the marketing brand under which group employee benefit insurance products and individual worksite products (including life, accidental death & dismemberment, disability, dental vision, cancer insurance and critical illness products) are offered by the insurance companies that comprise AIG American General, including AIG Life Insurance Company, American General Assurance Company, American International Life Assurance Company of New York, The United States Life Insurance Company in the City of New York and American General Life Insurance Company. AIG American General, www.aigag.com, is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, Inc. (AIG). AIG American General-branded companies offer a broad spectrum of fixed and variable life insurance, annuities and accident and health products to serve the financial and estate planning needs of its customers throughout the United States. AIG American General pays a license fee to a third party to use the trademarks LIVESTRONG(TM) and the Lance Armstrong Foundation(TM). The Lance Armstrong Foundation's mission is to provide practical tools and information that people with cancer need to live strong. -0- *T AIG Employee Benefit Solutions insurance products underwritten by: AIG Life Insurance Company Wilmington, Delaware (AIG Life) American International Life Assurance Company of New York New York, New York (AI Life) Subsidiaries of American International Group, Inc. (AIG) *T LIVESTRONG(TM) SurvivorPlan is the marketing name for the Group Critical Illness Insurance Policy/Cancer Indemnity Expense Certificate Rider. Policy form series number: GCI50001, a limited benefit plan. The policy form number for the AILife Policy is GCI50001-NY-0605. The underwriting risks, financial and contractual obligations and support functions associated with products issued by AIG Life and AI Life are its responsibility. AIG does not underwrite any insurance policy referenced herein. AIG Life Insurance Company does not solicit business in the state of New York. Policies and riders not available in all states. American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. AIG American General Stasa Cushman, 713-831-6414 Director, Communications email@example.com Copyright Business Wire 2008