AIG Life Insurance | ActiveQuote
American International Group, Inc. (AIG) is one of the largest international life insurance providers available. AIG life insurance sells itself as “a leading global insurance organization”, which explains how it has managed to offer life insurance and other related products to over 80 countries. Here, we provide an overview of AIG life insurance, breaking down their benefits, differences and advantages.
Types of AIG Life Insurance
AIG has four distinct life insurance-related products:
- Term Insurance
- Family Income Benefit
- Life Start
- Instant Life Insurance
To qualify for these, you must be a British citizen or resident of the United Kingdom, Channel Islands, Isle of Man and Gibraltar between the ages of 17 and 86. Instant life insurance, though, is capped at 55 years.
AIG’s term insurance is a form of life cover over a fixed period of time, commonly known as a “term”. Payments are always made in one go when the insured party picks this product, with the insurance protecting against death and terminal illness until the last day of the policy.
Family Income Benefit
Family income benefit differs from term insurance by paying out monthly, this allows a family to organise their finances more efficiently. It covers all the same scenarios as term insurance but offers a more manageable method of finances.
Life Start is a little different than the other products on offer as it is aimed at a younger audience, hence the age cap of 55 years. Premiums are lower than standard life cover but increase over time. The idea of this product is to get young people insured, accommodating to their lower budget, increasing along with their economic autonomy. However, these plans tend to cost more in the long-term if an insured party stays on it, so it is designed for the party to go onto a different insurance product after a set amount of time.
Instant Life Insurance
Instant life insurance does what it says on the tin: quick AIG life insurance. This cover comes with fewer upfront questions and admin, only requiring a ten-minute online application. Expect higher payments with this plan, but usually, the rate is determined on a case-by-case basis.
Other Types of Benefit
AIG has a number of extra benefits for signing up. Perhaps the most popular is Best Doctors®, who offer informed second opinions on medical issues, forms of care and, most importantly, an extra layer of protection for you and your family. Second is Winston’s Wish, a UK charity that offers support, specialist advice and a welcoming environment for bereaved children. Next is the Funeral Pledge, which pays out £10,000 for a valid claim in advance to cover funeral and associated costs. Last is the Claims Support Fund, a discretionary fund that pays out up to £300 for services such as travel costs, cancer wigs and other small but important essentials.
AIG Insurance Review and Results
AIG life insurance policy led to the following underwriting results in 2018:
- £92m paid out in life and critical illness claims
- £52m paid in Life Cover claims
- Average claim payment of £48,000
- average age of claimant was 65
- 99% of Life Cover claims paid