General Insurance: Annuity Or Life Insurance?

American General Life Insurance Company is part of Corebridge Financial, formerly known as American International Group (AIG) Life and Retirement. Corebridge Financial offers a range of annuities, including fixed, indexed, and variable annuities. These products provide customers with a guaranteed income stream and tax-deferred growth of assets. The company has a strong financial backing and operates in over 80 countries and jurisdictions. While Corebridge Financial has a positive customer satisfaction rating, its NAIC Complaint Index score is less favourable, indicating a higher-than-average number of consumer complaints for individual annuities.

American General Life Insurance Company is part of Corebridge Financial (formerly AIG Life and Retirement)

American General Life Insurance Company is part of Corebridge Financial, which was formerly known as AIG Life and Retirement. Corebridge Financial is a multinational finance and insurance corporation with operations in over 80 countries and jurisdictions.

American General Life Insurance Company offers a range of annuities, including fixed, indexed, and variable annuities. The company provides various products such as the Assured Edge Income Builder fixed annuity and the American Pathway fixed annuity. Corebridge Financial also offers different types of life insurance products, including term life insurance, whole life insurance, and universal life insurance.

Corebridge Financial has a strong financial backing, with assets of over $142 billion and a high assets-to-liability ratio. The company has a history dating back to the founding of AIG in 1960 and has gone through several rebrandings and acquisitions over the years.

The company's recent rebranding from AIG Life and Retirement to Corebridge Financial in 2021 may cause some confusion for customers, as American General Life Insurance Company issues annuities that are advertised and sold by Corebridge Financial. Despite the name change, Corebridge Financial remains part of the larger AIG company.

American General Life Insurance Company has a variety of annuity types and is backed by a large and financially secure company. However, customers should be aware that the strongest annuity features often come at an additional cost as riders to the contract. The company's customer satisfaction ratings are around the middle of the pack, and its NAIC Complaint Index score indicates a higher-than-average number of complaints for individual annuities.

Corebridge Financial offers fixed, indexed and variable annuities

Corebridge Financial, formerly known as AIG Life and Retirement, offers fixed, indexed, and variable annuities. The company underwent a rebrand and assumed its new identity in 2021 (or 2022, according to another source). Corebridge Financial is backed by the large and financially secure company American General Life, which issues most of its annuities.

Corebridge Financial offers two types of fixed annuities: the Assured Edge Income Builder® and the American Pathway® fixed annuity. The former guarantees a fixed income stream and includes benefits such as the ability to withdraw up to 10% of the contract value without charges and provisions for nursing home care or terminal illness. The latter offers guaranteed interest rate periods and earnings.

For indexed annuities, Corebridge offers the Power Series Index Annuity with two rider options: the Lifetime Income Max® and the Lifetime Income Plus Multiplier Flex®. The Lifetime Income Max® guarantees a 10% income credit for every year before withdrawals begin, while the Lifetime Income Plus Multiplier Flex® allows income to continue growing even after withdrawals start. Both riders are available for a 1% annual fee.

Corebridge Financial's variable annuity is called the Polaris. It offers daily step-ups, providing customers with a better opportunity to capture market highs and increase the value of their annuity. Customers can choose from three different income options with varying annual withdrawal rates depending on their age.

AIG has been in business since 1919 and is one of the largest insurers in the world

American International Group, Inc. (AIG) is a multinational finance and insurance corporation with operations in over 80 countries. It was founded in 1919 by American Cornelius Vander Starr, who established a general insurance agency, American Asiatic Underwriters (AAU), in Shanghai, China. Starr formed a life insurance operation in 1921, and by the late 1920s, AAU had branches throughout China and Southeast Asia.

In 1939, Starr moved his headquarters from Shanghai to New York City, and after World War II, American International Underwriters (AIU) began providing insurance for American military personnel in Japan and Germany. Throughout the late 1940s and early 1950s, AIU continued to expand in Europe, and in 1952, Starr began to focus on the American market by acquiring Globe & Rutgers Fire Insurance Company. By the end of the 1950s, Starr's general and life insurance organization included an extensive network of agents and offices in over 75 countries.

In 1967, American International Group, Inc. (AIG) was incorporated as a unifying umbrella organization for most of Starr's general and life insurance businesses, and it went public in 1969. AIG continued to expand and diversify its operations in the following decades, and in 2000, it acquired American General Corporation, a leading domestic life insurance and annuities provider.

Today, AIG is one of the largest insurers in the world, serving 87% of the Fortune Global 500 and 83% of the Forbes 2000. It offers a range of products, including property casualty insurance, life insurance, retirement products, and mortgage insurance. AIG has a long history of providing insurance and financial services, and its success is built on being responsive and forward-thinking in times of change.

Corebridge Financial has a strong and stable financial backing

Corebridge Financial, formerly known as AIG Life and Retirement, is a multinational finance and insurance corporation with operations in over 80 countries. AIG was founded in 1960 and is domiciled in Texas. As of May 15, 2020, AIG had just over $192 billion in assets, with an assets-to-liability ratio of over 105%. The company has received strong ratings from AM Best (A), Standard & Poors (A+), and Fitch (A+).

Corebridge Financial provides fixed, indexed, and variable annuities. Its fixed annuity products include the Assured Edge Income Builder and the American Pathway annuity, which offer features such as guaranteed income streams and provisions for nursing home care or terminal illness. The company's indexed annuity option, the Power Series Index Annuity, offers two different riders: the Lifetime Income Max rider and the Lifetime Income Plus Multiplier Flex rider, both of which provide significant benefits for a 1% annual fee. Corebridge Financial also offers the Polaris variable annuity, which provides customers with three different income options and daily step-ups to capture market highs.

Corebridge Financial's strong financial backing and diverse range of annuity products demonstrate its stability and commitment to helping individuals secure their financial future. The company's recent rebranding from AIG Life and Retirement may cause some confusion, but its financial strength and diverse offerings make it a reliable choice for those seeking retirement and protection solutions.

Corebridge Financial offers the American Pathway Fixed Annuity

Corebridge Financial, formerly known as AIG Life and Retirement, offers the American Pathway Fixed Annuity, a product issued through American General Life Insurance. Corebridge Financial is an annuity provider that sells fixed, index, and variable annuities. The company underwent a rebrand and assumed its new identity in 2022 after being spun off into a separate company.

The American Pathway Fixed Annuity offers guaranteed interest rate periods and guaranteed interest earnings. This product is designed to take the guesswork out of retirement income, allowing customers to benefit from income options they can't outlive. With the American Pathway Fixed Annuity, customers can earn guaranteed interest, enjoy tax-deferred growth, protect their income from market risk, provide for their families with beneficiary protection, and access their money when they need it most.

Corebridge Financial also offers the Assured Edge Income Builder as a fixed annuity option. This product is designed to provide a guaranteed stream of fixed income and includes hallmark offerings of fixed annuities, such as the ability to withdraw up to 10% of the contract value without facing charges and provisions for life changes and terminal illness.

In addition to its fixed annuity options, Corebridge Financial offers the Power Series Index Annuity, which comes with two different riders: the Lifetime Income Max rider and the Lifetime Income Plus Multiplier Flex rider. The Lifetime Income Max rider guarantees a 10% income credit for every year before withdrawals begin, while the Lifetime Income Plus Multiplier Flex rider allows income to continue growing even after withdrawals start.

Corebridge Financial is a well-known company in the annuity industry, providing retirement savings and income solutions for decades. The company's annuities are issued through American General Life Insurance, which is part of the larger AIG company, providing strong financial backing and stability.

Frequently asked questions