Finding the perfect company can be difficult, but that’s where we come in. It’s our goal to help you find the perfect company to protect you and your family. That’s why we’ve spent the time to review dozens of companies.
One of the most popular life insurance companies out there is AIG.
They are one of the biggest companies, but that doesn’t mean that they are the best one for you. To help you find the best plan, we are going to detail AIG and the products they offer.
The History of AIG
AIG has a fascinating backstory. The idea for AIG began way back in 1919 in China. Cornelius Vander Starr started an insurance agency (American Asiatic Underwriters) in Shanghai, and it grew across China and then started to expand outside the country. In 1926, they opened their first agency in the United States, in New York City. 13 years later, they decided to move their headquarters to New York.
After World War II ended, Cornelius Vander Starr decided to open offices in both Japan and Germany for U.S. military. He decided that he wanted to be able to provide quality insurance for military members and ensure that their family had the protection that they need during the uncertain times.
Through the years AIG has purchased and acquired several other companies, and they have grown a lot and transformed. A lot of things have changed, but they continue to offer quality life insurance to millions of customers across the United States and dozens of other countries. They have been awarded dozens and dozens of awards for products and services.
Currently, they serve over 90 million policyholders in over 100 countries. They have an A rating from A.M. Best. With that many customers and those high ratings, you can assume that they must be doing something right, but are they right for you?
Life Insurance Offered by AIG
Aside from deciding which company is best, you also need to choose which type of policy that you’re going to buy. There are several kinds of plans, and all of them have different advantages that you will need to consider. AIG offers six different kinds of plans.
Term Life Insurance
Term life insurance is the most popular. These policies are bought in time periods called “terms.” These plans are going to be much more affordable than the other options because they are a temporary kind of protection. You can buy a term plan is a variety of lengths. Anywhere from 1 year to 30 years.
Guaranteed Issue/Whole Life
These plans are one of the quickest and easiest ways to get life insurance. Guaranteed issue whole life don’t require a medical exam or any health questions. If you’re between the ages of 50-85, then you can buy one of the plans.
There are several pros and cons that you should be aware of before you buy one of these plans. The most notable is that they are much smaller. With AIG, you can get up to $25,000 worth of coverage.
Quality of Life Insurance
These are a suite of insurance products that add several living benefits to the insurance coverage. There are a couple of products, and all of them have the additional riders, like chronic illness, terminal illness, and much more.
These plans will never expire, regardless of how long that you hold them. Keep paying the fees, you’ll have insurance coverage.
Much like the other types of plans, AIG has several universal life insurance plans that are slightly different in the benefits and coverage that they offer:
- AG Secure Survivor GUL II
- Elite Global Plus II
- Secure Lifetime GUL 3
- Elite Index II
- Asset Protector
- Value+ IUL
- Elite Survivor Index II
Each of them is a little different, but there are some characteristics that they share. All of them are whole life plans that build cash value.
Some of these plans are indexed universal plans, which means that the cash value inside of the universal plan will build value based on the performance of global indices.
Variable Universal Life
Variable universal life insurance policies have the same benefits, except that they have more flexibility. With these plans, policyholders can change the premiums amount and the coverage amount of your policy. As your life changes, your life insurance needs will change as well.
Problems with AIG
For a lot of customers, AIG can be a great choice to get affordable coverage, but they have some major pitfalls, and one of those is giving life insurance to anyone with pre-existing conditions. As long as you’re in good health and don’t have any severe health complications, then you won’t have any problems with AIG. If you’re like most Americans, you aren’t in perfect health, and you might have a few red flags on your medical history, then you can have problems getting approved for life insurance through AIG.
Final Verdict on AIG
AIG has dozens of life insurance policies that you can choose from, and it can be overwhelming trying to decide between them, but having those options can ensure that you find a plan that is tailored towards your life insurance needs. All of those different insurance companies are going to come with different insurance premiums.
Don’t buy a plan because someone else says it’s best. Each person has different life insurance needs. Which means that it’s difficult to say how much you would pay for coverage. What we can say that AIG does not tend to have the lowest premiums. More than likely, you’ll be able to find a cheaper plan with another company, but that doesn’t mean that you should automatically rule out AIG from your insurance search.
Working with an Independent Agent
We offer everyone the same advice, use an independent agent. Working with an independent broker allows you to get unbiased advice on finding life insurance and choosing a company. Unlike a contracted AIG agent, our independent agents can give you the truth about AIG and their products.