Life Insurance

AIG Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 7 minute read

In exceptional circumstances, AIG Life Insurance may pay a death benefit of up to $1 million or more, depending on the exact policy. One of the company’s seven distinct universal life insurance policies includes an investing option in the S&P 500 stock index. For additional information, here’s a AIG Life Insurance Review.

If you have a pre-existing medical condition, the approval procedure with AIG may be longer and more complicated. This is likely to influence your selection if you are seeking for the best service accessible.

At the very least, it is a viable option due to its vast coverage, lengthy duration, and inexpensive entrance price.

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

  • Certain riders, like the lifestyle income rider, enable you to withdraw 10% of the face value of your policy each year after reaching the age of 85, which is a sizable sum.
  • There are several types of universal life insurance policies available, each with its own set of benefits and investment risks.

Cons

  • As a result of the claims system’s complexity, processing and reimbursement of claims will take an extended amount of time.
  • There are precise underwriting rules that must be followed.

AIG life insurance rates

A set of hypothetical quotes for $500,000 20-year term life insurance for healthy men and women in the year 2021 might be established by employing AIG’s online quoting service. AIG typically charges greater rates than the industry average, 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 your rates with AIG

AIG considers a variety of health-related aspects while determining your premiums. To qualify for the best AIG rates, you must be Preferred Plus, which means you must satisfy all of the company’s standards.

  • Hypertension. Maintain a blood pressure of 140/85 until the age of 60, at which point it should increase to 150/85.
  • The way the cholesterol-HDL connection expresses itself (good cholesterol). When the ratio of HDL to total cholesterol is less than 5.0, the cholesterol level must be less than 215 mg/dl to be deemed healthy. Your total cholesterol should be less than 290 if your HDL/LDL cholesterol ratio is less than 4.5.
  • When it comes to encouraging behavior, one’s reputation is critical. Before applying for a license, you must be free of DUIs, suspensions, and felony hazardous driving convictions for at least seven years.
  • This is our forebears’ and foremothers’ narrative. The program is ineligible for anybody in your family who has had cancer or coronary artery disease before the age of 60. It is not a serious problem until you reach the age of 65.
  • Your own personal stories that you’d want to share with others. Anyone under the age of 60 who has been diagnosed with cancer or a comparable handicap may be ineligible for the reduced rates.
  • In the United States, tobacco is widely utilized. To qualify, the capacity to abstain from smoking for a period of five years must be proved.
  • The height-to-weight ratio of an individual is disproportionate to his or her body weight. For instance, 6ft guys weighing between 137 and 217 pounds earn the most money.

How to get a quote from AIG life insurance

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

  1. To obtain a quotation for the policy you’re interested in, visit AIG’s individual life insurance website and click on the drop-down option Acquire A Quotation.
  2. Fill in your name, address, phone number, nicotine usage, birth date, height, and weight on the next page. Once complete, click the Get a Free Estimate option.
  3. If you request a life insurance quotation from AIG, a business representative will contact you.

AIG’s life insurance policies are issued by American General

According to the corporation, American General Life Insurance Company, AIG’s parent company, provides the vast bulk of the company’s life insurance coverage. American General Insurance Company may take the position of AIG as your life insurance provider following the submission of your papers and the setup of your online account.

In contrast, the United States Life Insurance Company of America provides AIG coverage in New York City.

AIG offers term and permanent life insurance

AIG offers two types of life insurance policies: term and permanent. This company’s catalog contains the following items:

  • Term life. AIG’s Select-A-Term term life insurance policy offers coverage for periods ranging from ten to thirty-five years, depending on the choice picked. If you do so before reaching the age of 70, you can change your short-term health insurance coverage to a long-term health insurance policy.
  • At all times and in all places. AIG is remarkable in that it offers seven distinct forms of universal life insurance. These insurance policies provide their consumers flexible and low-cost rates, as well as death benefits. Through investment in a range of portfolios, such as the S&P 500, monetary value may accumulate over time.
  • Every single day for the remainder of my life. The insurer offers guaranteed-issue whole life insurance products with coverage amounts ranging from $5,000 to $25,000 for persons between the ages of 50 and 85. Additionally, a guaranteed rate of return is given, as is lifetime coverage that is not conditional on medical examination.

Does AIG offer burial insurance?

Yes. Funeral insurance from AIG ranges from $5,000 to $25,000 for those aged 50 to 85. You will not be required to undergo a medical examination or answer any health-related questions as a condition of membership in the program.

AIG’s final-expenditure plans are distinguished by the living benefits they give. If you have been diagnosed with a terminal disease, you may borrow up to 50% of your life insurance death benefit.

AIG offers 6 riders to customize your coverage

Any gaps in coverage can be addressed by adding the following basic riders to your policy:

  • Rider for accelerated death benefits. Patients with terminal or chronic conditions may be eligible for a tax-free lump sum payment. You may be entitled to a monthly payment under the rules of the estate benefit.
  • This adds another degree of safety in the case of an unavoidable death. If you are killed in an accident, the amount of your death benefit is doubled.
  • Riders who are under the age of eighteen are not authorized to participate. Your children up to and including the age of 25 are covered for up to $25,000 in medical expenditures during the term of the policy.
  • The rider’s wife is dubbed. If you wish to increase your spouse’s coverage, you do not have to get separate insurance for him or her.
  • This rider’s financial loss coverage protects you in the case of an accident. If you wish to enhance your insurance coverage, you are not required to have a medical examination.
  • As a result, the rider in this scenario forfeits the option to bargain for a lower price. If you are rendered permanently unable to work, you will be released from the need to pay insurance premiums.

Life insurance from AIG has gotten a mix of ratings.

The Better Business Bureau attributes the poor star ratings to lengthy response periods and concerns regarding claim reimbursement. To be clear, these ratings are for the whole corporation, not just its life insurance sector.

AIG’s customer rating on TrustPilot fluctuates drastically. Several customers have expressed dissatisfaction with the company’s lack of communication and lengthy wait times for claim reimbursements, while others have lauded the company’s professional account managers and dedicated customer service representatives. AIG received a customer satisfaction score of 742 out of 1,000 in the J.D. Power 2020 Life Insurance Study, which was below the industry average.

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

How AIG stacks up against other insurers

AIG offers a more broad selection of policy alternatives than other insurers, including term life insurance that may last up to 35 years before converting to permanent life insurance and universal life insurance with seven separate options.

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

Apart from that, the corporation reacts to several BBB complaints after an extended period of time.

AIG’s premiums are competitive with those charged by other insurers in the same market. According to our rate comparisons, the AIG term life insurance policy with a $250,000 face value may cost $25.94 a month for a healthy 30-year-old male.

Compare life insurance companies like AIG

Are you curious about how AIG’s perks and coverage compare to those of the competition? Select the Compare box from the menu to get a side-by-side comparison of up to four different firms.

AIG finances

Despite its well-earned image as a financially sound company, AIG has recently come under fire from the press. The company’s image was tarnished in 2005 by an accounting fraud that resulted in $1.6 billion in fines and destroyed the company’s financial records. Apart from that, the corporation came under pressure following the US government’s $85 billion bailout plan during the 2008 financial crisis.

AIG has risen to become one of the world’s largest insurers, ranking among the top five, as a result of strategic repositioning and the sale of various businesses. The firm’s present financial state, as well as consumer loyalty, dictate its current status.

Frequently asked questions

What does AIG stand for?

AIG stands for American International Group.

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