Aig Life Insurance: Is It Worth The Hype?

AIG Life Insurance, now known as Corebridge Financial, offers a wide range of life insurance products, including term life, universal life, and guaranteed issue whole life insurance. The company provides customizable policies to fit different financial situations, with a unique selection of term lengths and coverage amounts. While AIG's rates are not the cheapest, its flexible product selection sets it apart from competitors. However, its customer service and claims handling have received poor reviews, which is an important consideration when purchasing a permanent life insurance policy.

AIG's customer service and claims reviews

AIG's customer service and claims process have been described as "challenging" and "frustrating" by customers. There are complaints of being bounced between different departments and having to submit a number of forms to file a claim or change policy ownership. Some families have even felt "scammed" by the process. As a result, AIG has a reputation for poor customer service and its claims process is often criticised as being difficult and time-consuming.

However, AIG does offer a broad suite of products that are tailored to the needs of different groups. The company also provides online tools that allow customers to complete applications, make payments, access policy information, update beneficiaries and change their address. Additionally, AIG Direct offers free online quotes and personalised support via phone, making it easier for customers to obtain the information they need.

Overall, while AIG offers a wide range of insurance products, its customer service and claims reviews are a cause for concern. The company's low ratings and high number of complaints suggest that customers may face challenges when trying to navigate the claims process and receive timely support.

AIG's life insurance rates

AIG's term life insurance policies have a minimum face value of $50,000, but you can purchase up to $10 million in coverage if approved. The term policies have level premiums for the specified policy terms and are renewable, but premiums will increase annually. AIG's term insurance comes with flexible term lengths and coverage amounts, allowing you to ladder life insurance policies to meet your financial situation.

AIG also offers a return of premium variation on its Select-a-Term policy, which is limited to those under the age of 55, with term lengths starting at 20 years and a minimum policy size of $100,000. These policies typically cost two to three times as much as a standard term policy, but you can recoup or use your premium payments after the initial policy term length.

AIG's universal life insurance policies are available for those between the ages of 18 and 80, with a minimum face value of $50,000. The company's guaranteed universal life insurance policy is incredibly flexible, with coverage extending up to age 121 and flexible premiums.

AIG's accidental death and dismemberment insurance is one of the few policies the company offers with no medical exam requirements. It is available for those between the ages of 18 and 80, with up to $500,000 in coverage.

While AIG's life insurance rates are competitive, the company's customer service and claims reviews are a downside, with the company receiving a disproportionately high number of complaints compared to its size.

AIG's term life insurance

AIG offers a range of term life insurance options, including its Select-a-Term policy, which can be customized with terms between 15 and 35 years. The company's term life insurance rates are not the cheapest on the market, but they are consistently better than average when compared to other national life insurance companies. For example, nonsmokers benefit from rates that are over 15% lower than those of competitors.

AIG's term insurance offers flexible term lengths and coverage amounts, allowing you to ladder life insurance policies to meet your specific financial situation. For example, you can purchase a 30-year term life insurance policy to cover a $500,000 mortgage and combine it with 16 years of coverage for the amount you expect to pay for your child's education.

AIG's underwriting guidelines for life insurance are flexible, and underwriters will not automatically decline coverage for certain common conditions, such as sleep apnea or diabetes. Even marijuana-smoking life insurance customers are eligible for the best rates. However, you may get better quotes from another insurer if you have other issues in your medical history, such as high cholesterol.

AIG also offers a return of premium variation on its Select-a-Term policy. This option is limited to those under 55, with customizable term lengths starting at 20 years and a minimum policy size of $100,000. While these policies typically cost two to three times as much as a standard term policy, you can recoup or otherwise use your premium payments after the initial policy term length.

AIG's universal life insurance

The policy's cash value can be accessed via withdrawals or policy loans and can also be used to pay premiums. Additionally, AIG offers the option to access your death benefit while still alive through the Accelerated Access Solution if you are diagnosed with a chronic illness, or the Lifestyle Income Solution after you turn 85.

AIG also offers a variable universal life insurance policy called the AG Platinum Choice VUL, which is similar to the company's indexed universal policies but offers a wider variety of cash value investment options. This policy is available up to age 80 and requires a minimum face value of $100,000.

Overall, AIG's universal life insurance provides flexible coverage and cost-effective rates, making it a good option for those seeking customizable coverage. However, it is important to note that AIG ranks poorly in terms of customer service, with low ratings in customer satisfaction surveys and a high number of complaints in the NAIC database.

AIG's accidental death and dismemberment insurance

The policy covers death or injuries that are proven to be the direct result of a covered accident, such as accidents involving work-related machinery, poisoning, falls, suffocation, choking, drowning, and fires. It also covers dismemberment (partial or total loss of a hand, arm, or other body part), as well as paralysis and the loss of sight, speech, or hearing.

In addition to its basic AD&D insurance, AIG also offers voluntary AD&D insurance as an employee benefit. This includes family coverage, which extends benefits to the employee's spouse and children, and permanent and total disability coverage, which provides a lump-sum benefit if an insured person becomes permanently and totally disabled due to a covered accident. AIG's global coverage network in 215+ countries and jurisdictions enables it to deliver multinational capabilities to its clients.

The main downside of AIG's insurance policies is their poor customer service and claims department, which have received criticism for being challenging to contact and requiring a number of forms to file a claim.

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