AIG Life Insurance

American International Group, also known as AIG, was founded in 1919 and has become a leading global insurance organization. In 2001, AIG acquired American General Life (AGM). Today, AIG serves over 88 million customers and offers products such as property casualty insurance, life insurance, retirement solutions and other financial services.

AIG Direct is a subsidiary of AIG that focuses primarily on their flexible life insurance options. AIG’s life insurance products include term life, universal life and guaranteed issue whole life insurance policies. Each policy has different benefits, with term life being one of the cheapest options. Riders are also available to add onto most policies for additional coverage

AIG life insurance can supplement a retirement fund or help cover expenses like funeral costs, credit card debt, housing, college education and medical bills.

Every AIG policy varies, so it’s best to consider factors like rates and how long you want your insurance policy to last.

You can always use a life expectancy calculator if you’re not sure how long you want your AIG life insurance to last.

AIG’s term life insurance gives you coverage for a specific amount of time, typically ranging from 10 to 30 years and increasing in five-year increments. You also get to choose the amount for your death benefit.

While other life insurance companies may have five different term durations available, AIG term life insurance policies have 18 term durations available. The flexibility and affordability of AIG’s term life insurance makes it a popular option.

AIG’s guaranteed issue whole life insurance, also known as guaranteed acceptance whole life insurance, is a life-long insurance specifically for Americans that are 50 to 80 years old. There is no medical exam or questionnaire required and acceptance is guaranteed if you are within the age range. Living benefits are included, meaning if you have a chronic or terminal illness, you can access your benefits to help cover costs.

You can choose AIG’s quality of life (QoL) as a policy on its own with living benefits or as a rider to a term or universal life policy. Quality of life plans can last a lifetime or a term, depending on what best suits your needs. If you have a chronic or critical illness with this policy, you also have living benefits. This means, you can receive cash benefits from your policy to pay for your treatments.

AIG’s universal life policies offer life-long flexible policies that are tax deferred. You can raise or lower your benefit amount and premiums based on your lifestyle needs. These changes must be approved by AIG. A universal life policy also earns interest, giving you additional cash value.

AIG offers six life insurance riders you can add to your policy for extra coverage — accelerated death benefit, accidental death benefit, child, spouse, guaranteed insurability and waiver-of-premium riders.

Each of AIG’s riders can help you tailor your benefits to best suit your lifestyle. For example, if you partake in a dangerous sport that can adjust your premium rates, like rock climbing, the accidental death benefit could be a good add on. The accidental death benefit rider gives up to $250,000 of benefits on top of your death benefit.

Your premiums will likely increase if you choose to add a rider to your life insurance policy.

Your costs for AIG life insurance depend on your age, alcohol and drug use, driving record, location, dangerous hobbies, overall health and sex. Smoking is one of the biggest factors, capable of doubling, or even tripling your premium rates.

The younger you are, the cheaper your premiums will be. Preferred plus rates are available if you’re in optimum health in your age range, offering you the lowest price.

Many young individuals sign up for AIG’s term life insurance policies since they don’t increase premiums over time, resulting in a stream of low steady premiums for years to come.

Even though AIG has been around for over 100 years, it’s best to consider all pros and cons before choosing a life insurance policy.

If a medical exam is required for a policy, the AIG underwriting process can take several weeks. The underwriting process determines if you’re eligible as well as your premium costs. If you need guaranteed coverage quickly, this could be a determining factor in choosing AIG as your life insurance since it has a policy that doesn’t require a medical exam. Other life insurance companies, like Northwestern Mutual and New York Life, don’t have life insurance options without a medical exam.

AM Best rated AIG’s Financial Strength Rating of A for excellent for its strong operating performance and business profile. AIG was also rated A+ by Fitch Ratings as a reliable financial commitment in 2022. However, AIG was rated 1.02/5 on the Better Business Bureau website with multiple complaints from customers. Most were regarding slow response time and communication issues while trying to claim their benefits.