American General Life Insurance: What You Need To Know

American General Life Insurance Company (AGL) is a subsidiary of American International Group (AIG). They offer a range of life insurance products, including term life, whole life, and universal life insurance. AGL's life insurance policies are designed to provide financial protection for individuals and their loved ones, offering customizable coverage, flexible term lengths, and affordable rates. The company also provides online resources and customer support to help policyholders manage their policies and make informed decisions about their financial future.

Whole Life Insurance

American General Life Insurance Company (AGL), a subsidiary of American International Group (AIG), offers whole life insurance policies. AGL's whole life insurance is available to individuals between the ages of 50 and 80. Their whole life insurance policy provides guaranteed protection and permanent coverage without requiring a medical exam. This makes it a quick and simple solution for seniors seeking life insurance.

One unique feature of AGL's whole life insurance is the Quality of Life benefit. This benefit allows policyholders to access innovative life insurance benefits while they are still living, providing financial assistance and affordable rates with fixed premiums. Additionally, AGL offers guaranteed issue whole life insurance, which is available to individuals aged 50 to 85. This policy has no health questions on the application, ensuring that everyone within the specified age range can qualify. However, there is a two-year waiting period, and if the insured person passes away within the first two years, their family will receive all the premiums paid plus 10% interest.

Universal Life Insurance

One of the key benefits of universal life insurance is its flexibility. Policyholders can adjust their premium payments within a certain range, making it a good option for those with variable incomes. Additionally, universal life insurance offers adjustable death benefits, allowing policyholders to modify the death benefit value. The cash value of a universal life insurance policy can grow at a secured rate, whether predetermined or based on various investment options, and policyholders can have a say in how the cash value accumulates.

Another advantage of universal life insurance is the ability to access the cash value while the policyholder is still alive. This can be done through policy loans, withdrawals, or surrendering the policy. Policy loans typically come with lower interest rates, and the funds can be repaid on the policyholder's schedule. However, withdrawals will reduce the policy's death benefit, and surrendering the policy will result in cancellation.

Despite its benefits, universal life insurance also has some disadvantages. It is more complex than term or whole life insurance, and the policy must be actively managed. Policyholders need to determine how much to pay for premiums, and in the case of variable universal life insurance, they must also make investment choices. These variables, along with the increasing cost of insurance over time, can affect the value of the cash reserve. If the cash value drops to zero, premiums could increase, or the policy may lapse.

Permanent Life Insurance

American General Life Insurance Company (AGL) is a subsidiary of American International Group (AIG). AIG has been in the business of helping Americans secure affordable life insurance since 1995.

AGL offers permanent life insurance in the form of whole life insurance and universal life insurance.

Whole Life Insurance

Whole life insurance is a permanent life insurance policy that offers a lifetime of protection and builds cash value over time at a locked-in rate. This type of policy provides guaranteed protection and does not require a medical exam, making it a simple and quick solution for seniors.

Universal Life Insurance

Universal life insurance is another form of permanent life insurance that provides reliable protection with flexible coverage and cost-effective rates. This type of policy allows for customizable term lengths to meet the specific needs of the policyholder and their family.

As life changes, so do your life insurance needs. AGL understands this and offers flexible coverage options to ensure that you have the appropriate coverage amount and term length. Their licensed agents are knowledgeable and can help guide you in selecting the right policy for your unique circumstances.

With AGL's online customer portal, eService, you can conveniently manage your policy, pay premiums, and make any necessary updates to your personal information or designated beneficiaries.

Final Expense Life Insurance

American General Life Insurance Company (AGL) is a subsidiary of American International Group (AIG). AIG Direct is a division of AGL that offers life insurance solutions to over a million families in the US.

The average cost of a funeral is between $8,000 and $10,000, but can quickly add up to thousands of dollars more. Final expense insurance is one of the most affordable types of life insurance, with rates starting at $63 per month for policies ranging from $5,000 to $40,000 in coverage. This type of policy is ideal for those who may not qualify for larger life insurance policies due to age or medical conditions, as it does not usually require a medical exam for approval.

Final expense policies also build cash value over time, which can be withdrawn or borrowed against. Additionally, policyholders can choose to pay their premiums monthly or annually, and coverage can be issued quickly, sometimes on the same day as the application.

The application process for final expense insurance is straightforward. It involves answering a few health questions and choosing a death benefit amount based on monthly household expenses, immediate needs, and potential funeral expenses. Once approved, coverage typically begins immediately, and the policy remains in place as long as premiums are paid.

Final expense insurance is a great option for those who want to ensure their loved ones are financially protected during a difficult time, without incurring high insurance costs.

Quality of Life Insurance

One of the key features of Quality of Life Insurance is its flexibility. It allows you to customise your policy to meet your family's unique needs. You can adjust the coverage amount and term length to ensure you have the appropriate protection as your life circumstances change. This flexibility ensures that you are not locked into a static policy but can adapt it to match your evolving requirements.

Additionally, Quality of Life Insurance provides peace of mind with its guaranteed protection. It offers financial security and can assist with various expenses, including funeral costs, outstanding bills, and other financial obligations. This aspect is particularly relevant for seniors, who may have specific needs and concerns regarding their later years.

Frequently asked questions