Corebridge Financial (Formerly AIG)

Corebridge Financial, formerly known as AIG, entered the insurance market in 1919 and has become a leading global life insurance organization. The company has $984 billion life insurance coverage in force as of Dec. 31, 2022.

AIG rebranded to Corebridge Financial in early 2022 to announce their Life & Retirement business to be a standalone company.

Within the first quarter of 2023, the rebrand yielded positive results. Corebridge Financials’ investor report found that premiums and deposits grew 45% compared to the prior year’s quarter.

Corebridge Financial’s life insurance products include term life, universal and final expense insurance policies. Each policy has different benefits, with term life being one of the more affordable options. Life insurance riders are available to add onto most policies for additional coverage.

Corebridge Financial offers three main types of life insurance products — term, indexed universal and final expense.

They do not sell traditional whole life or universal life insurance products, which is rare compared to other issuers.

Every Corebridge Financial 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 Corebridge Financial life insurance to last.

Corebridge Financial offers two indexed universal life insurance policies. These policies offer lifelong coverage, a cash value component and potential for cash growth by linking performance to a market index.

Term life insurance policies offer temporary coverage with a fixed death benefit and premiums. While most insurers offer term lengths of 10, 20 and 30 years, Corebridge offers unique flexibility.

Corebridge Financial offers 18 term periods, from 10 to 35 years. For example, you could have a 17, 22 or 29 term length, which most other issuers don’t offer.

There are also options to skip a medical exam and convert your policy to an indexed universal permanent policy.

Corebridge Financial’s final expense insurance, also known as burial insurance, is a type of whole life policy. This policy is intended to cover end-of-life expenses or small amounts of outstanding debt.

There are age restrictions and generally low death benefits for a costly premium. For example, a 50-year-old man can get a final expense policy through Corebridge with $20,000 in coverage for $63.65 a month.

However, the same man could also get a 10-year term policy with $250,000 in coverage for only $24.56 a month. You get over 12 times the coverage amount for almost one-third of the price. Carefully consider each life insurance type before making a commitment.

Your costs for Corebridge Financial life insurance depend on your age, policy details, 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.

*These quotes were pulled for healthy individuals with preferred plus rates

Expect permanent life insurance policies from Corebridge Financial to have a higher price tag. No matter who your issuer is, permanent policies are usually more expensive due to their lifelong coverage and additional benefits.

Many young individuals sign up for Corebridge Financial’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.

It’s best to consider all pros and cons before choosing a life insurance company. Affordability is a noteworthy pro when considering Corebridge Financial.

When comparing term quotes from four other highly rated life insurance companies — State Farm, Mutual of Omaha, Prudential and Nationwide — Corebridge financial had the most affordable quote.

However, the company still has their services split between their new website and the original AIG website. Corebridge’s term quote tool, which requires you to connect with a representative, is only available through AIG’s website.

AM Best rated Corebridge Financial’s Financial Strength Rating as A for excellent for its strong operating performance and business profile. Corebridge Financial was also rated A+ by Fitch Ratings as a reliable financial commitment in 2023.

Corebridge Financial is still currently recognized as AIG through the Better Business Bureau, with a 1.01/5 Customer Review Rating. Most complaints are regarding slow response time and communication issues while trying to claim their benefits.