AIG is one of the many options that you have when it comes to choosing a life insurance plan. AIG is a huge international insurance group, with a customer base of roughly 90 million customers located around the world. With so many different life insurance companies to choose from, your question maybe Is AIG Good for Life Insurance? In this article, we’ll cover everything you need to know before getting started with AIG life insurance.
Is AIG Good for Life Insurance? Everything You Need To Know
AIG is considered one of the largest insurers in the world, with operations in over 80 different countries. They were founded in 1919 when founder Cornelius Starr traveled to Shanghai to offer insurance there.
He later expanded operations back to the US and Latin America. AIG has always offered a wide variety of insurance types to its customers, including life insurance. They are currently headquartered in New York City.
AIG struggled during the financial crisis in 2008. They were bailed out by the US government, which bought equity shares in the company. After the financial crisis, AIG dramatically restructured and was able to regain financial stability. The government sold its last AIG shares in 2012. With the recent restructuring, life insurance is offered through the AIG life and retirement unit instead of the general insurance unit. The company currently maintains an ‘A’ rating from AM Best and other independent rating agencies for financial security.
What Type Of Policy Does AIG life insurance Offer?
AIG offers a range of term and permanent life insurance products, as well as accidental death and dismemberment insurance (AD&D). You can buy policies through AIG Direct, a subsidiary of AIG, or through an independent insurance agent.
AIG term life insurance
AIG offers two term life insurance products: Select-a-Term and QoL Flex Term.
Both types can be converted to permanent coverage at any time during the term. AIG Direct offers 18 different term length possibilities — 10 years, any length from 15 to 30 years, or 35 years. Coverage amounts range from $100,000 to $2 million.
The main difference between the two policies is that the QoL Flex product comes with a built-in “Quality of Life” accelerated death benefit, which lets you take funds from your policy if you’re diagnosed with a chronic, critical or terminal condition while the policy is in effect. Select-a-Term’s accelerated death benefit applies to terminal illness only.
AIG permanent life insurance
AIG offers the following types of permanent life insurance, all with the potential to accumulate cash value:
- Guaranteed issue whole life insurance, with coverage ranging from $5,000 to $25,000 for applicants ages 50 to 80. Guaranteed issue life insurance doesn’t require a medical exam or health questions to qualify for coverage.
- Universal life insurance, including guaranteed universal and indexed universal life insurance policies.
- Variable universal life insurance, which gives you the opportunity to build cash value through investments.
Select universal and indexed life insurance policies come with Quality of Life coverage, which includes living benefits to cover chronic, critical and terminal illnesses. Some products aren’t available in all states.
What are the Pros of using AIG?
There are many advantages to using AIG as your life insurance provider. The most significant benefits are that they have an excellent selection of policies to choose from. Whether you need a short, small life insurance policy, or something longer with extensive coverage, you will be able to find it. Their guaranteed issue universal life insurance policy, in particular, provides excellent value and is something difficult to find at many other life insurance companies. AIG also offers international coverage, which makes them an excellent option for people who travel overseas.
AIG also offers an excellent selection of riders that you can use to customize your policy even more. For example, when you purchase a term life insurance policy, you can add riders to cover your children. You can also add riders for additional coverage in the case of a terminal illness or accidental death. You can also purchase terminal illness and injury riders for other policies. These are just a few of the many riders available, and your insurance agent can help you decide which ones make the most sense for your situation.
What are the Cons of using AIG?
The biggest potential problem you will encounter when using AIG is its customer service department. They receive a disproportionately high number of complaints about their customer service when compared with other insurance companies of the same size. You cannot submit claims online, so making a claim typically requires filing a form in the mail and calling customer service. It’s common practice at AIG to be bounced from department to department while trying to contact customer service. You can, however, make payments and access certain policy documents online. While the company’s offerings are flexible and legitimate, customers should be prepared for lengthy claims processes.
Is AIG Good for Life Insurance?
The answer is Yes, AIG is a good life insurance company overall based on reviews. It stands out for its industry reputation, excellent financial strength, and guaranteed issue policies. We also like that it’s easy to apply for coverage online.
If you’re in the market for lifeinsurance, AIG is definitely a provider to consider. The company has a strong reputation in the industry, is financially strong, and offers a variety of different policies. Plus, it’s easy to apply for a quote online through the AIG Direct website.