With more than a century of experience, AIG offers affordable permanent life and term life insurance solutions to safeguard families, individuals, and elderly.
In 1919, American International Group (AIG) began selling insurance. The insurer now conducts business globally, providing retirement and investment services, as well as general property and liability insurance products.
AIG offers health insurance, personal accident insurance, and travel insurance in the American market. AIG additionally provides term life and permanent life insurance for individuals.
Life Insurance Review For AIG
AIG has an A (Excellent) financial strength grade from AM Best, indicating that it can fulfil its claims-paying responsibilities. AIG offers some of the lowest term life rates in our list and distributes life insurance products in all 50 states.
Term life, whole life, and universal life policies are available from AIG. Even if AIG offers coverage levels that might be sufficient to safeguard the majority of American families, its plans might not offer high-net-worth individuals enough financial stability. AIG does not offer no-exam term life insurance policies, but some carriers do.
Pros
✅ Low-cost term life coverage
✅ Solid financial rating
✅ Available in all states
Cons
⛔ No no-exam term life coverage
Nevertheless, AIG provides no-exam universal life insurance policies and no-exam entire life insurance for seniors (aged 50 to 80). The benefits that many seniors may require, like as benefits for chronic disease and terminal illness, are offered by AIG’s guaranteed issue whole life plans. Additionally, candidates for term life insurance can select riders that increase their financial security in the event of a disability or terminal disease and extend coverage to their children.
How Much Does Life Insurance Cost From AIG ?
Your rate may differ based on the kind of life insurance you choose and may be influenced by your:
✅ Age
✅ Alcohol, drug, or nicotine use
✅ Dangerous hobbies, such as rock climbing or skydiving
✅ Driving record
✅ Location
✅ Pre-existing conditions, like cancer or diabetes
✅ Overall health
AIG has the second-lowest term life insurance rates among the firms in our assessment. A 20-year, $1 million term life insurance coverage for a 35-year-old non-smoking female with average health may be available for as little as $46.91 per month. That is almost $100 a month less than what she would have to pay for the same coverage via New York Life. Overall, AIG’s term life rates outperformed several of its rivals in other age brackets as well.
Life Insurance Cost From AIG for Seniors?
The following sample prices are based on a non-smoker applying for a 10-year, $500,000 term life insurance policy who is in a standard risk category and has one or two health issues.
Life Insurance Cost From AIG for Smokers?
The monthly premium for a 20-year term policy from AIG with $1,000,000 in coverage for a 35-year-old female smoker is $125.68. The monthly premium from AIG is $46.91 for a woman of the same age and policy who does not smoke. The Connecticut Department of Public Health reports that smokers frequently pay a premium for life insurance that is three times as high as non-smokers. You may fall under the smoker risk category if you vape, chew tobacco, smoke cigarettes, cigars, or pipes.
Term Life Insurance Options from AIG
With its Select-a-Term policy, AIG offers term life insurance with 18 various term length options. Select a term length between 15 and 30 years, or between 10 and 35 years. Benefits for term life upon death begin at $100,000.
The initial term period of AIG term life products includes guaranteed level premiums. Following that, you can renew every year. Your insurance rate will rise as you get older if you keep renewing your coverage. When you turn 95, insurance policies expire.
All AIG term life insurance policies include a level-premium period during which they can be converted to permanent coverage, or until you turn 70, whichever comes first.
It is not necessary to undergo extra underwriting or a medical exam to convert to permanent life insurance.
Included in the list of optional term life coverages are riders for accidental death benefit, children, terminal illness, and waiver of premium. Only when you buy an insurance can you add riders like waiver of premium and accidental death. Parents between the ages of 20 and 55, as well as kids between the ages of 15 days and 18 can use child riders. The benefits of a terminal illness rider differ by state.
When you obtain coverage from AIG, you must pay a policy fee. For plans with death benefits between $100,000 and $249,999, the provider charges a commissionable fee of $74, and a non-commissionable fee of $64, for policies with death payouts of $250,000.
How Much Does Whole Life Insurance Options From AIG
For people 50 to 80 years old, AIG offers guaranteed issue whole life insurance. Guaranteed issue whole life insurance is intended to assist your loved ones in covering expenses like rent, funeral costs, and unpaid credit card balances. The death benefit for these kinds of plans is up to $25,000.
AIG guaranteed issue whole life insurance policies have guaranteed level premiums and don’t call for a medical exam or answering any health-related questions.
This kind of coverage is still available to you even if you have health issues.
What is covered by John Hancock’s life insurance?
Depending on the policy, a life insurance policy from John Hancock offers term or lifetime coverage. The tax-free death benefit can be used to pay for final expenses, mortgage payments, other debts, or beneficiaries’ bills like college tuition. It can also be used to pay for end-of-life or funeral costs.
Life Insurance pay for death by suicide?
If the insured dies by suicide within two years of the policy’s issuance, AIG will not pay a death benefit. The majority of life insurance policies have a contestability period of one or two years. If an insured person passes away during the contestability period, the insurance provider may look into the death, which could result in a claim being rejected.
Cover a drug overdose?
If AIG determines that an insured failed to disclose material information or shared false information, AIG may reject any claim. For instance, while applying for a term life insurance coverage, a person with a history of drug usage should be honest about their situation. If they fail to provide this information and later pass away from a drug overdose, AIG may look into the death, learn the deceased’s drug use history, and reject the life insurance claim.
Can you get life insurance from John Hancock if you have cancer?
Even if you have cancer, you may be eligible for AIG’s guaranteed issue whole life insurance if you’re between the ages of 50 and 80. There are no health-related questions or physical exams necessary for this kind of coverage.
How to Buy Life Insurance from AIG?
The AIG Direct website allows you to request free rates for universal life, term, and guaranteed issue whole life insurance. Call AIG’s toll-free number to talk with a representative if that is how you prefer to communicate.
You’ll need to call with an AIG agent after receiving a free estimate, and they will inquire about your medical history. The agent will also need to know your primary doctor’s contact information, any past or present prescription medication use or medical diagnoses, any beneficiaries of the policy, as well as your current obligations and income.
You must complete an AIG life insurance application once you have determined the kind and amount of coverage you require. Guaranteed issue whole life insurance products do not require medical exams, and you can be eligible for no-exam AU+ processing for universal life insurance.
But a medical check is a requirement if you want to apply for term life insurance. AIG estimates that a medical examination typically lasts 30 minutes.
You can plan for the exam to happen at a time that is most convenient for you, in your home or business.
