AIG Life Insurance

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AIG, or American International Group, Inc., is a multinational insurance and financial services corporation based in the United States. It is one of the world's largest insurance organisations, providing a wide range of insurance products and services to individuals, businesses, and institutional clients in over 80 countries and jurisdictions. AIG is recognised for its brand presence and long-standing legacy in the insurance industry.

AIG was founded in 1919 by Cornelius Vander Starr in Shanghai, China. Initially operating as an insurance agency, it expanded rapidly and became a leading global insurance provider. AIG offers a comprehensive portfolio of insurance products, including life insurance, property and casualty insurance, travel insurance, commercial insurance, and various specialty lines such as marine, aviation, and cyber insurance.

AIG has a significant presence in numerous countries worldwide, serving millions of customers with tailored insurance solutions. They are also more than an insurance company, AIG also offers a range of financial services, including asset management, retirement planning, and mortgage insurance.

Corporate Restructuring: In the aftermath of the 2008 financial crisis, AIG faced significant challenges and underwent a restructuring process. It sold various non-core assets to focus on its core insurance operations.

AIG has embraced technology and innovation to improve customer experiences and streamline insurance processes.

AIG have one of the largest life insurance product suites in the market, below are an overview of each of them

Term Life Insurance

AIG (American International Group, Inc.) offers Term Life Insurance as one of its life insurance options to provide financial protection for individuals and their families. Term Life Insurance is designed to offer coverage for a specific period, known as the policy term. If the policyholder passes away during the term, a tax-free death benefit is paid out to the designated beneficiaries, providing financial security to loved ones during critical life stages.

  • Fixed Term Coverage: AIG's Term Life Insurance provides coverage for a predetermined term, typically ranging from 10 to 30 years. The policyholder selects the term that aligns with their specific financial needs and life circumstances.
  • Death Benefit: If the policyholder passes away during the term, AIG pays out a tax-free lump sum, known as the death benefit, to the beneficiaries. This lump sum can be used to cover various financial needs, such as mortgage payments, education expenses for children, or providing financial support to loved ones.
  • Affordable Premiums: Term Life Insurance policies generally offer more affordable premiums compared to other types of life insurance, making it an attractive option for individuals seeking budget-friendly coverage.
  • Convertibility Option: Some AIG Term Life Insurance policies may include a convertibility option, allowing policyholders to convert their term policy into a permanent life insurance policy without the need for additional underwriting. This feature can be beneficial if the policyholder's life insurance needs change over time.
  • No Cash Value: Unlike permanent life insurance policies, such as whole life or universal life insurance, Term Life Insurance does not accumulate cash value. The policy is purely for death benefit protection during the term.
  • Renewable Option: Some term life policies may have a renewable option, allowing the policyholder to renew the coverage for an additional term without the need for new underwriting. However, the premium for the renewal term may be higher based on the policyholder's age at the time of renewal.
  • Underwritten by AIG: AIG is a reputable and well-established insurance provider, offering financial strength and stability to its policyholders.
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Guaranteed Issue Whole Life Insurance

AIG (American International Group, Inc.) offers Guaranteed Issue Whole Life Insurance as a specialised life insurance product that provides guaranteed acceptance to applicants without the need for medical exams or health questions. This type of policy is designed to cater to individuals who may have health issues or may not qualify for traditional life insurance due to age or health conditions.

  • Guaranteed Acceptance: The primary advantage of this policy is that all applicants within the specified age range (typically 50 to 85 years old) are guaranteed acceptance. No medical exams or health questions are required, making it an accessible option for those with pre-existing health conditions.
  • Fixed Premiums: AIG's Guaranteed Issue Whole Life Insurance typically offers fixed premiums that remain constant throughout the policyholder's lifetime. This provides predictability and ease of budgeting for policyholders.
  • Lifelong Coverage: Guaranteed Issue Whole Life Insurance provides coverage for the entire lifetime of the insured, as long as the premiums are paid. The policy remains in force until the policyholder's passing, at which point a death benefit is paid out to the beneficiaries.
  • Limited Coverage Amount: Guaranteed Issue Whole Life Insurance often offers a limited coverage amount, which is generally lower compared to traditional whole life or term life insurance policies. The coverage amount may be determined based on the age and health status of the applicant.
  • No Medical Underwriting: Since no medical underwriting is required, the application process for AIG's Guaranteed Issue Whole Life Insurance is straightforward and can be completed quickly.
  • Immediate Coverage: In many cases, the policy provides immediate coverage from the date of issue. This means that if the policyholder passes away shortly after purchasing the policy, the death benefit is paid out to the beneficiaries.
  • Guaranteed Cash Value: Some Guaranteed Issue Whole Life Insurance policies may accumulate a guaranteed cash value over time. The policyholder can access this cash value through policy loans or withdrawals if needed.
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Life insurance monthly premium based on following ages for AIG life insurance policy

Age£50K Cover£100K Cover£200K Cover£500K Cover
25£4.64£5.23£7.30£14.30
30£4.71£5.39£7.96£16.53
35£5.17£6.31£10.09£22.01
40£6.17£8.41£14.29£31.50
45£8.15£11.88£20.42£46.16
50£11.21£17.66£31.07£74.90
60£19.26£32.44£64.34£142.88

Prices are based on a non smoking male, in good health, drinking 16 units of alcohol a week and living in TW7 4EY with no family history of illness or disease. Prices correct as of 7th August 2023

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Universal Life Insurance

AIG (American International Group, Inc.) offers Universal Life Insurance as a type of permanent life insurance that provides lifelong coverage combined with the potential for cash value accumulation. Universal Life Insurance is known for its flexibility, allowing policyholders to adjust their premiums and death benefit over time to meet changing financial needs and objectives.

  • Lifelong Coverage: AIG's Universal Life Insurance provides coverage for the entire lifetime of the insured, as long as the policy remains in force and the premiums are paid. This makes it a suitable option for individuals seeking permanent life insurance protection.
  • Flexible Premiums: Policyholders have the flexibility to adjust their premium payments within certain limits. They can choose to pay higher premiums to build cash value faster or lower premiums to reduce the cash value accumulation.
  • Cash Value Component: Universal Life Insurance policies have a cash value component that grows over time based on the premiums paid and the interest credited to the policy. This cash value can be accessed by the policyholder through policy loans or withdrawals, providing a source of funds for various financial needs.
  • Interest Rate Options: AIG's Universal Life Insurance may offer different interest rate options for the cash value component. Policyholders can select a fixed interest rate or opt for an indexed interest rate based on the performance of a selected market index.
  • Adjustable Death Benefit: Policyholders can adjust the death benefit amount within certain limits. Increasing the death benefit may require additional underwriting, while decreasing it can lead to a reduction in premiums.
  • Premium Payment Flexibility: Universal Life Insurance policies allow policyholders to make premium payments beyond the minimum required amount. The excess payments can be used to build cash value or reduce future premiums.
  • Tax Benefits: The cash value growth in a Universal Life Insurance policy grows on a tax-deferred basis. Policyholders can access the cash value through tax-free policy loans or withdrawals, provided the policy remains in force.
  • Policy Loans: Policyholders can take out policy loans against the cash value of the Universal Life Insurance policy. The loans must be repaid with interest, and any outstanding loans at the time of the policyholder's passing may reduce the death benefit paid to beneficiaries
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Survivorship Life Insurance

AIG (American International Group, Inc.) offers Survivorship Life Insurance as a specialised type of life insurance that covers two individuals, typically spouses, under a single policy. This policy is also known as Second-to-Die Life Insurance because the death benefit is paid out after both insured individuals pass away. Survivorship Life Insurance is often used for estate planning and leaving a financial legacy to beneficiaries.

  • Joint Coverage: Survivorship Life Insurance provides coverage for two insured individuals, usually spouses, under a single policy. This joint coverage allows for more cost-effective premiums compared to insuring each individual separately.
  • Death Benefit Payout: The death benefit is paid out to the beneficiaries upon the passing of both insured individuals. This can be beneficial for estate planning purposes, as it provides financial support to beneficiaries after the death of both policyholders.
  • Estate Tax Planning: Survivorship Life Insurance is commonly used in estate planning to help cover estate taxes that may be due upon the passing of the insured individuals. The death benefit can be used to pay estate taxes, allowing the beneficiaries to receive more of the estate's value.
  • Guaranteed Acceptance: Like other life insurance options, Survivorship Life Insurance typically offers guaranteed acceptance, subject to meeting the age and underwriting requirements set by the insurer.
  • Lifetime Coverage: Survivorship Life Insurance provides lifetime coverage for both insured individuals, as long as the policy remains in force and the premiums are paid.
  • Premium Flexibility: Policyholders have flexibility in premium payments, which can be adjusted based on changing financial circumstances or estate planning needs.
  • No Cash Value: Survivorship Life Insurance is primarily focused on providing a death benefit to beneficiaries. It does not accumulate cash value like some other permanent life insurance policies.
  • Potential Savings: Since the death benefit is paid out after the passing of both insured individuals, the premiums for Survivorship Life Insurance are generally lower than those of individual policies covering each person separately.
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Summary

AIG (American International Group, Inc.) is a leading insurance and financial services company that offers a range of life insurance products to individuals and families. Their life insurance options are designed to provide financial security and protection for policyholders and their loved ones. AIG offers a diverse portfolio of life insurance products, including term life insurance, whole life insurance, universal life insurance, survivorship life insurance, and guaranteed issue whole life insurance.

Term Life Insurance: Provides coverage for a specific term, offering affordable premiums and a tax-free death benefit to beneficiaries if the policyholder passes away during the term.

Whole Life Insurance: Offers lifelong coverage with level premiums and a guaranteed death benefit. Policies also build cash value over time, providing potential funds for future needs.

Universal Life Insurance: Provides flexible premium payments, adjustable death benefits, and a cash value component with different interest rate options.

Survivorship Life Insurance: Covers two insured individuals, usually spouses, with a death benefit paid out after both pass away. Used for estate planning and to leave a financial legacy to beneficiaries.

Guaranteed Issue Whole Life Insurance: Offers guaranteed acceptance without medical underwriting, providing coverage to individuals who may have health issues or difficulty obtaining traditional life insurance.

Financial Security: AIG's life insurance products provide financial security and peace of mind to policyholders, ensuring their loved ones are financially protected in the event of their passing.

Tax-Free Death Benefit: The death benefit paid out to beneficiaries is typically tax-free, offering enhanced financial benefits to the policyholder's loved ones.

Flexibility: AIG life insurance policies offer flexibility in terms of premium payments, coverage amounts, and policy adjustments to meet changing financial needs and objectives.

Professional Guidance: AIG's team of financial professionals and advisors assist policyholders in understanding their options, making informed decisions, and customising life insurance coverage according to individual circumstances.

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