With competitive rates and great packages, AIG Life has been one of the most popular life insurance providers for over 100 years!
Before you commit to buying a policy, we suggest spending a few minutes reading our comprehensive AIG Life Insurance Review.
We’ll go over AIG life insurance plans, pricing, customer service reviews, and more so that you can make an informed decision.
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About AIG Life Insurance
Founded in 1919, AIG is among the largest insurance companies in the world, serving millions of customers in over 70 countries.
This giant insurer provides clients with customizable life insurance policies that fit most financial situations.
In 2022, AIG revealed its plans to rebrand the parent company of AIG Life and Retirement as Corebridge Financial as part of its shift into a public company.
So, what does AIG stand for anyway?
AIG stands for American International Group, Inc., a multinational finance and insurance corporation.
AIG is the marketing name for American International Group’s property-casualty, life, and retirement businesses.
AIG Life issues policies in all states except New York through the American General Life Insurance Company (AGL).
American General headquarters are located in Houston, Texas, with other prominent locations in Nashville, TN, and Milwaukee, WI.
AIG sells policies in New York under its sister company, The United States Life Insurance Company in the City of New York (U.S. Life).
AIG directly markets American General life insurance policies through independent local agents or to consumers from its call center, AIG Direct.
AIG Financial Ratings
AIG Financial RatingsAn insurance company’s financial ratings give a consumer an idea of how it will meet its future financial obligations and payout claims.
A.M. Best, Standard & Poor’s, and Moody’s have finished their annual AIG insurance reviews and determined the insurance giant is in an excellent financial position to pay claims policyholders.
The most well know insurance rating company is called AM Best. They give AIG an A rating, one of the best grades possible. This means that AIG has a superior ability to fulfill its customer obligations.
Credit analysis firm Standard & Poor’s has awarded AIG a rating of A+, meaning their ability to meet financial obligations is really strong.
Moody’s also confirmed its stable outlook with an A2 insurance financial strength rating of Corebridge and its life insurance subsidiaries.
It should be mentioned AIG’s Life & Retirement business, which is now Corebridge Financial, will consist of several insurance companies.
- American General Life Insurance Company
- United States Life Insurance Company in the City of New York
- The Variable Annuity Life Insurance Company (VALIC)
According to AM Best, all the companies in the Corebridge family are financially stable and have an A (Excellent) rating.
Corebridge Third-Party Ratings
Corebridge Third-Party RatingsWe also look into independent third-party customer rating sites to get insurance buyer’s opinions about their chosen insurance company.
After Corebridge Financial’s initial public offering, they have assumed all of AIG’s life and retirement business.
Since Corebridge is a new company, it has not accumulated third-party reviews.
Nevertheless, AIG’s ratings can still be used to gain insight into the company’s products and services.
Most of AIG’s colossal customer base seems primarily satisfied, but many consumer complaints and negative AIG life insurance reviews certainly exist.
- Better Business Bureau is a non-profit organization that ranks companies based on truth in advertising and commitment to solving client disputes. The BBB rating of AIG is currently A-.
- Consumers Advocate rates companies based on reputation, stability, and policy coverage. With a 4.9 out of 5 rating, they’re delighted with AIG.
- Consumer Affairs lets customers directly rate companies. With a 2.7 out of 5 ratings, they’re a little less excited about AIG.
- J.D. Power rates insurance companies based on product offerings, price, clarity of communication, and application process. AIG received a score of 742 out of 1000, which is below the average industry rating.
- The National Association of Insurance Commissioners (NAIC) tracks complaints submitted to the various state insurance departments. AIG’s score of 3.39 means the NAIC has received over three times more complaints than the average company.
What do independent ratings really mean?
These AIG insurance reviews are somewhat mixed, and most of these customer complaints stem from questions not answered on their existing coverage.
It is much more critical for policyholders to evaluate the claims-paying ratings from major rating agencies like AM Best, Standard and Poor’s, and Moody’s.
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AIG Life Insurance Review
Before choosing any life insurance provider, you should ensure their products fit your life insurance needs.
First, you must know your specific insurance needs before choosing the right company.
Ideally, it would help if you asked yourself the following questions:
- How much life insurance do I need?
- What will my life insurance cover?
- Would you require coverage for several years or the rest of your life?
- Do you need cash value or death benefit protection?
Once you’ve answered all these questions, you will better understand which type of insurance policy suits your preferences or your family’s needs.
American General insurance rates are very competitively priced and offer great flexibility in its product selection and a comprehensive list of riders, including living benefits.
This includes term life insurance policies, which can be adjusted and combined to fit your financial obligations, and guaranteed universal policies, which can last your entire lifetime.
AIG Term Life Insurance
American General offers shoppers two products for term life insurance, including Select-a-Term and QoL Flex Term.
When you buy a term life insurance policy, insurers determine your premium based on your elected term duration and death benefit.
You will find that Select-a-Term and QoL Flex Term offer 18 permutations for term length, including ten years, 15 to 30 years, and 35 years.
AIG term policies allow more customization and longer durations compared to many policies currently available in the industry.
American General term policies start at $100,000 and go as high as a 10 million death benefit.
Wondering what the difference is between these two term life insurance policies?
The primary difference between the policies is the living benefits that can be accessed while you are alive.
QoL Flex Term offers an accelerated death benefit that allows you to take funds from your policy if diagnosed with a terminal, chronic, or critical condition.
While the Select-a-Term series automatically includes an accelerated death benefit only if you contract a terminal illness.
AIG term can be converted to permanent coverage until the end of the level-premium period or age 7o, whichever comes first.
If you can not qualify for a traditional term policy, AIG accidental coverage could be a low-cost alternative to have coverage in case of accidental death.
You are automatically approved for lifetime benefits up to $500,000 with no exam or health questions with AIG accidental death coverage.
AIG Permanent Life Insurance
Unlike term coverage, which pays only death benefits when you die, permanent policies are more expensive and accumulate cash value during your lifetime.
Permanent life insurance provides long-term peace of mind and financial security for you and your loved ones.
AIG Universal Life Insurance
AIG Universal Life InsuranceAmerican General offers universal life that combines guaranteed lifetime protection with tax-deferred cash value accumulation.
Coverage is available for people 18 to 80 years old, and guaranteed death benefits start at $50,000 or $100,000, depending on the policy.
American General’s product portfolio includes indexed, guaranteed, and variable universal life policies.
- Value+ Protector is an indexed universal life insurance plan structured to deliver maximum cash value performance.
- Max Accumulator+ is a flexible IUL product for long-term wealth accumulation, with the performance of this product tied to index market performance.
- Secure Lifetime GUL 3 is a guaranteed universal life insurance policy with guaranteed premiums and death benefits.
- AG Platinum Choice VUL 2 focuses on investment options to build cash values and has many variable investment options that can grow without traditional risks.
If you are looking for the cheapest rates, GUL policies are typically the least expensive and have the least cash-value savings of any permanent coverage.
AIG Whole Life Insurance
A whole life insurance policy is more expensive than a universal life because it guarantees protection for your entire life span.
AIG’s whole-life policies are available mainly to convert existing term coverage or pay for final expenses.
- American Elite Whole Life is only available when converting an existing term policy and can deliver coverage as small as $1,000 to over $200,000.
- SimpliNow Legacy is a final expense policy with death benefits between $5,000 and $35,000. You can buy coverage between 50 and 80 by answering only a few health questions rather than being subjected to a medical exam.
- Guaranteed Issue Whole Life offers a maximum $25,000 death benefit for applicants between 50 and 80 and doesn’t require shoppers to pass medical exams for coverage.
American General Life Insurance Riders
American General Life Insurance RidersAmerican General offers several inexpensive riders that can be added to both term and permanent coverage without much hassle.
Some riders can be added or dropped anytime, even if you purchased the life insurance policy years ago. At the same time, most riders must be purchased when your policy is initially purchased.
- Terminal Illness Rider allows a one-time acceleration of up to 50% of your death benefits, up to a maximum of $250,000, if diagnosed with a covered terminal illness.
- Income for Life Rider After a policy has been in force for more than ten years, you may convert the cash values into a guaranteed income stream (only available for some plans).
- Child Rider Provides a small death benefit in the event of the death of your child. The child rider is available until children reach 19 years old.
- Accidental Death Benefit Rider This inexpensive rider provides an additional death benefit if you die in an accident.
- Waiver of Monthly Deduction Rider Allows policyholders to waive their monthly premiums deduction when totally disabled after a six-month waiting.
Buying an AIG Life Insurance Policy
It’s clear that American International Group Inc. is one of America’s most trusted life insurance providers, and for a good reason.
American General’s term and universal life insurance products allow for hefty customization and competitive pricing for all ages to suit almost any budget.
AIG’s website has many excellent educational resources that can help explain how life insurance works to people unfamiliar with life insurance coverage.
They have a handy life insurance calculator that can help determine how much insurance coverage you need to buy to protect your family.
People shopping for AIG insurance quotes can only get cost comparisons by visiting the AIG Direct website.
You must first enter your name, e-mail address, and phone number into the AIG’s website and will have to wait for an agent to call you back.
We always recommend speaking with an independent agent representing many companies before being pressured into buying coverage directly from AIG.
American General Life Insurance Underwriting
American General Life Insurance UnderwritingAmerican General has typical rate classifications that go from preferred plus to standard and offers favorable underwriting for many common medical conditions.
You can qualify for a preferred plus rate class if you need life insurance with high blood pressure or cholesterol and are being treated with medications.
American General is particularly lenient for overweight people, and those treated for diabetes can qualify for a standard rate.
If you have mild sleep apnea, you can get a preferred rate, assuming you are under a doctor’s care.
People seeking coverage with anxiety and depression can qualify for a preferred rate class if the disorder is well controlled.
If you have quit smoking for three years, you can qualify for a preferred rate with American General.
In some cases, we can help you obtain better pricing with American General than other carriers if you have one of these medical conditions.
However, Affordable Life USA offers plans from multiple insurers and has insider knowledge of the industry’s underwriting guidelines.
Unlike high-pressure agencies like Termprovider, Select Quote, and Accuquote, we promise not to bother you with many needless phone calls.
You can use our insurance calculator to instantly compare AIG life insurance quotes to other highly rated companies within your home’s privacy.
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
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