AIG Life Insurance Review

Depending on the policy, some of AIG Life Insurance‘s death benefits can be as high as $1 million or more. One of the company’s seven distinct universal life insurance products provides an option to invest in the S&P 500.

If you have a pre-existing condition, AIG’s approval procedure may be more onerous. As a result, if you’re seeking the best service possible, this may influence your choice.

At the very least, it’s a viable candidate due to its broad coverage, extended length, and inexpensive entrance cost.

For additional information, here’s a AIG Life Insurance Review.

AIG Life Insurance Info

AIG Life Insurance Review - AIG Life Insurance Logo
  • Policies. Term, Whole, Universal, Quality of Life, Permanent, Guaranteed Issue Whole Life Insurance, Accidental Death Insurance
  • Coverage maximum. $2,000,000
  • Term lengths. 10, 15, 20, 25, 30, 35 years
  • Medical exam required. Depends on the policy
  • Available states. All states except NY and MT
  • Issue age. 20 – 85 years old

Pros and Cons of AIG Life Insurance

Pros

  • There are riders available, such as the lifestyle income rider, which enables you to take 10% of the face value of your policy each year after the age of 85.
  • There are various different universal life insurance policies available, each with its own unique set of benefits and investment risks.

Cons

  • Claims processing and payout require an extended period of time due to the complex claims procedure.
  • Guidelines for underwriting that must be followed

AIG life insurance rates

A set of hypothetical premiums for $500,000 20-year term life insurance for healthy men and women in the year 2021 was found using AIG’s online quoting tool. AIG’s rates are higher than average across the board, which is unusual for a policy of this size and length.

  • Aged 20. Man $36.01 & Woman $28.63
  • Aged 25. Man $36.01 & Woman $28.79
  • Aged 30. Man $36.64 & Woman $30.29
  • Aged 35. Man $42.66 & Woman $35.08
  • Aged 40. Man $61.46 & Woman $47.50
  • Aged 45. Man $95.71 & Woman $72.41
  • Aged 50. Man $146.41 & Woman $108.60
  • Aged 55. Man $246.21 & Woman $167.50
  • Aged 60. Man $425.05 & Woman $292.60
  • Aged 65. Man $458.49 & Woman $388.91

Factors that affect you rates with AIG

AIG examines a variety of health-related aspects while determining your premiums. To qualify for the best rates with AIG, you must be Preferred Plus-classified, which means satisfying all of AIG’s conditions.

  • Blood pressure. Your blood pressure should be 140/85 until you reach the age of 60, and then 150/85.
  • How the cholesterol-HDL relationship appears (good cholesterol). If the ratio of HDL to total cholesterol is less than 5.0, your cholesterol must be less than 215 mg/dl. If the ratio of HDL to LDL cholesterol is less than 4.5, your cholesterol level should be less than 290.
  • Reputation plays a significant role in motivating behavior. Before applying for a license, you should be free of DUIs, suspensions, and hazardous driving convictions for at least seven years.
  • The tale of our forefathers and mothers. Before the age of 60, no one in your family must have a history of cancer or coronary artery disease. It is not an issue till you reach the age of 65.
  • Anecdotes from your own life to share with others. Someone under the age of 60 who has been diagnosed with cancer or some comparable handicap may be ineligible for the lower rates.
  • The usage of tobacco is prevalent. To qualify, cigarette abstinence must have been shown over the preceding five years.
  • The height-to-weight ratio of an individual is unbalanced. For example, 6ft guys weighing between 137 and 217 pounds get the highest compensation.

How to get a quote from AIG life insurance

In comparison to other AIG products, AIG Direct offers policies directly to clients over the internet or by phone at (800) 254-4933.

  1. To obtain a quote for the coverage you’re searching for, visit AIG’s individual life insurance website and click Acquire A Quotation.
  2. Enter your name, address, phone number, nicotine usage, birth date, height, and weight on the next page. When finished, click the Get a Free Estimate option.
  3. A representative from AIG will contact you if you request a life insurance quotation.

AIG’s life insurance policies are issued by American General

AIG’s parent firm, American General Life Insurance, supplies the largest majority of AIG’s life insurance coverage. Following the completion of your documentation and the establishment of your online account, American General may take the position of AIG as your life insurance provider.

On the other hand, the United States Life Insurance Company provides AIG coverage in New York City.

AIG offers term and permanent life insurance

AIG’s life insurance products include both term and permanent life insurance. The catalog of this business features the following items:

  • Term life. AIG’s Select-A-Term term life insurance policy provides coverage for durations ranging from ten to thirty-five years, depending on the choice chosen. Before you reach the age of 70, you can switch your short-term health insurance coverage to a long-term one.
  • Existence in all places and times. It is rare for a corporation the size of AIG to provide seven unique varieties of universal life insurance. These insurance policies offer flexible and cheap rates, as well as death benefits. You may accumulate cash value over time by investing in a number of portfolios, such as the S&P 500.
  • For the rest of my days. The insurer provides guaranteed-issue whole life insurance policies with coverage amounts ranging from $5,000 to $25,000 for persons aged 50 to 85. Additionally, it provides a guaranteed rate of return while also providing everlasting coverage that is not subject to medical examinations.

Does AIG offer burial insurance?

Yes. Funeral insurance from AIG ranges in coverage from $5,000 to $25,000 for persons aged 50 to 85. You will not be required to have a physical examination or answer any health-related questions as part of your coverage.

AIG’s final-expenditure plans are unique in that they include living benefits. If you have been advised that you have a terminal disease, you may borrow up to 50% of your death benefit.

AIG offers 6 riders to customize your coverage

Any coverage deficiencies can be addressed with the addition of the following typical riders:

  • Accelerated death benefit rider. If you are suffering from a terminal or chronic disease, you may qualify for a tax-free lump sum payment. You may be entitled to a monthly payment under the estate’s estate benefit.
  • An extra layer of protection in case of unavoidable demise. If you die as a consequence of an accident, your death benefit is doubled.
  • Rider who is under the age of 18. It gives $25,000 in coverage for your children, up to and including the age of 25, throughout the term of the policy.
  • Wife of the rider. You do not have to acquire separate insurance for your spouse if you want more coverage.
  • In the case of an accident, this rider protects you against financial loss. You are not needed to have a medical examination if you seek to enhance your insurance coverage.
  • In this situation, the rider foregoes the right to bargain for a better offer. If you are rendered permanently incapacitated, you will no longer be obligated to pay insurance payments.

Life insurance from AIG has gotten a mixed of ratings.

According to the BBB, the poor star ratings are due to delayed response times and concerns with claim reimbursements. To be clear, these ratings apply to the firm as a whole, not only to life insurance.

AIG’s TrustPilot user rating fluctuates significantly. Some criticize the company’s poor communication and lengthy wait times for claim payments, while others applaud the company’s experienced account managers and committed customer support employees. AIG had a customer satisfaction score of 742 out of 1,000 in the J.D. Power 2020 Life Insurance Study, which was below average.

In 2020, American General Life received an NAIC complaint score of 0.75, falling short of the industry average of 1.00.

How AIG stacks up against other insurers

AIG offers a broader selection of policy alternatives than other insurers, including term life insurance that may last up to 35 years before converting to permanent life insurance, as well as seven different universal life insurance options.

To ensure you’re getting the best bargain, compare AIG’s suggested rates to those offered by other businesses.

Additionally, the organization takes an extended period of time to react to several BBB complaints.

AIG’s premiums are comparable to those charged by other insurers in the market. According to our rate comparisons, a healthy 30-year-old male may pay $25.94 for a $250,000 term life insurance policy from AIG.

Compare life insurance companies like AIG

Are you curious in how AIG’s perks and coverage compare to those of the competition? To obtain a side-by-side comparison of up to four firms, tap the Compare box.

AIG finances

Despite its well-deserved reputation as a financially sound corporation, AIG has recently seen some unfavorable headlines. In 2005, an accounting scandal cost American General $1.6 billion in fines and ruined the company’s image. Additionally, the business faced criticism following the US government’s $85 billion bailout package during the 2008 financial crisis.

AIG has grown to be one of the world’s largest insurers as a result of strategic modifications and the sale of various operations. The company’s present status is defined by a good financial position and consumer loyalty.

Checkout our review of Aflac Life Insurance Review for another  insurance review.

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