AIG and CUNA Mutual enhance variable annuities

AIG's Polaris Income Plus Daily Flex and Polaris Income Plus Flex riders will have higher lifetime income rates. CUNA Mutual's Horizon II will have variable and indexed-variable investment sleeves.

AIG refreshes income benefits on Polaris variable annuities

AIG Life & Retirement, a division of American International Group, Inc., has enhanced some of its Polaris variable annuities to give “greater flexibility, personalization and control” to owners of these retirement accumulation and income-generating contracts.

The Polaris Income Plus Daily Flex and Polaris Income Plus Flex riders will have higher lifetime income rates. Contract owners will also be able to create their own combinations of features and investments more easily, an AIG release said.

Within a new Build Your Own Allocation open architecture option, contract owners and advisors can choose from 77 portfolios across 12 different asset classes to build a variable annuity investment portfolio. They will be able to:

  • Add money to the contract after the first contract year
  • Take early withdrawals if needed without locking in lifetime withdrawal rates
  • Make income benefit changes in response to changing life events (such as marriage, divorce or death of a spouse) and changing income needs or preferences at retirement.

AIG recently announced “Plan for 100,” a campaign to educate individuals, employers and financial advisors about using annuities to reduce the risk of running out of money in retirement. A new website ( and a new podcast series are part of the campaign.

New CUNA Mutual Group contract has variable annuity and indexed variable annuity sleeves

CUNA Mutual Group has issued Horizon II, a new iteration of the MEMBERS Horizon Variable Annuity, with an enhanced death benefit that provides the greater of total purchase payments or current contract value. Policyholders can also invest in risk-control accounts to moderate account volatility.

Horizon II investors can allocate part of their retirement savings to a variable portfolio with equity, fixed income and specialty subaccount options. The rest can be allocated to risk control accounts linked to various market indexes, with a customized downside floor and upside cap. Each year, the owner can adjust their risk control limits.

A product illustration tool is available for appointed advisors. The tool shows how allocations to the risk control accounts and variable subaccounts could perform over a chosen time period and also illustrates the death benefit feature. The final printed output can be provided to clients.

Available in nearly all 50 states, Horizon II is sold by prospectus through registered representatives and is underwritten by MEMBERS Life Insurance Company, a subsidiary of CUNA Mutual Group.

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