Charitable Giving Benefit Added to the American Express Estate Series Variable Universal Life Products

Charitable Giving Benefit Added to the American Express Estate Series Variable Universal Life Products: "Charitable Giving Benefit Added to the American Express Estate Series Variable Universal Life Products

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 1, 2004--
New benefit provides clients the opportunity to address both personal protection and philanthropic goals with one product
American Express Financial Advisors, a unit of American Express Company (NYSE:AXP) has introduced the Charitable Giving Benefit, a new feature of the American Express(R) Estate Series variable universal life insurance product lines issued by IDS Life Insurance Company and IDS Life Insurance of New York, Albany, N.Y.
The Charitable Giving Benefit allows policyholders, upon death of the insured, to give the equivalent 1% of the policy's death benefit, up to a maximum of $100,000, to an accredited charitable organization of their choice at no added cost and without decreasing the amount of the insurance death benefit paid out to beneficiaries.
For example, the beneficiaries of a $1 million Variable Universal Life IV- Estate Series policy, would receive the full $1 million (assuming no loans, withdrawals or decreases in face amount) at the time of the policy holder's death, and an additional $10,000 would be donated in the client's name to any 501(c)(3) charitable organization "