AIG Life Insurance Review[Read Before Purchasing]

aig life insurance review

AIG Life Insurance Reviews 2019 (Updated October 2019)

Disclaimer: We are not AIG Life Insurance Company. This AIG Life Insurance Review is specifically created for consumers to understand if AIG Life Insurance is one of the best options they can choose for coverage.

This review of AIG from start to finish is approximately a 6-minute read.

During our AIG review, we will cover the critical aspects of the company such as the life insurance products offered, the potential rates you will pay for life insurance and common complaints consumers have about American General Life.

To make life simple, we have created easy to navigate links directly below that will you to skip to any specific section of this post that you desire to learn more about:

Here is what we intend on covering in this review:


Additionally, we know that in today’s rushed world that you may not have the time nor the desire to read this full review.

If that’s the case, we have provided a quick 30-second overview of AIG directly below.

Here’s what you need to know:

AIG did make the cut for one of our top life insurance companies for 2019.

AIG is one of the longest standing and most financially stable life insurance companies in the world.

They are known to be excellent for young healthy individuals but also have other strengths for individuals who may have unique health circumstances.

However, in some circumstances, you may have more affordable options to choose from.

In addition, we do love the fact that AIG does currently offer one of the top guaranteed issue products on the market (we will touch on this later in the post).

AIG also has a unique direct to consumer product known as AIG Direct.

AIG has unique underwriting strengths and competitive rates for guaranteed issue life insurance as well as IUL and term life insurance.

Overall, they are 100% a company worth running quotes with.

We make this easy for you to do by using our instant rate tool on the right (for desktop users or the tab on the top of your mobile devices)

That’s the quickest way to explain what you need to know about AIG Life Insurance Company.

If, however, you have about 4-minutes to spare and need further information, we highly recommend reading our full review of the company directly below.

Here are the details you need to be aware of.

Our AIG Life Insurance Review

American General Life Insurance (AIG) is one of the best in the business when it comes to life insurance.

They have faced some doubts from consumers in the past but overall, they have always been a company that consumers and current policyholders can trust.

They are also one of the largest insurance companies in the world.

AIG is extremely well known among independent life insurance agents for being a competitive option for cheap term life insurance.

Most consumers depending on their background can also enjoy competitive rates such as Indexed Universal Life Insurance (IUL).

Overall, AIG is a company that can flex its muscle’s throughout the insurance industry.

Most consumers are aware of the company and most agents would place AIG somewhere within the top ranks of best life insurance companies.

AIG Life Insurance Company History and Background

AIG was founded in Shanghai, China, in 1919, and was initially known as the American Asiatic Underwriters.

The company was tremendously successful in its early years and opened an office in America in 1926.

They changed their name to American International Underwriters Corporation, but that wasn’t the only name change it underwent.

In 1967, after undergoing years of global expansion, AIG became known as the American International Group or AIG which is now known as American General Life Insurance Company.

The early 2000s were very good for the company, but it did manage to find itself involved with controversies and challenges.

AIG had to pay massive fines as their executives were charged by the Securities and Exchange Commission for criminal wrongdoing.

AIG Life Insurance Is Hit By the 2008 Recession

The financial crisis of 2008 spelled disaster for the company.

This isn’t necessarily the worst thing to read about a life insurance company.

AIG Life Insurance was one of many impacted in 2008 and the rebound they have made has shown they are here to stay.

They are backed to superb financial strength ratings.

AIG is not a life insurance company to worry about claims-paying ability.

That’s for sure.

Throughout the bailout period, the life insurance sector of the company was never compromised.

AIG always maintained outstanding ratings from all the major insurance rating agencies.

The bailout clearly helped AIG survive the tight credit crunch and manage to provide outstanding products and services to clients while boosting their name and brand awareness to the world.

AIG decided to go public and began selling its shares on the NYSE in 1984, and hasn’t looked back.

AIG has undergone significant growth in every department.

It took the best part of 5 years for AIG to pay back its loans to the Federal Reserve and recover from the heavy losses.

Nonetheless, they got the job done and that’s what is important.

Even with some of the negativity that took place roughly a decade ago, American General Life Insurance has remained one of the most dominant life insurance companies worldwide.

AIG Financial Strength Ratings

There are very few life insurance companies that can boast greater financial stability, higher ratings, and better customer service ratings than AIG. 

The company has been a pillar of strength in the life insurance industry and has acquired phenomenal ratings from all major rating institutions in the United States.

Here are some of the financial strength ratings that AIG has been awarded as of October 2019:

  • A.M. Best — “A, Good”
  • Standard & Poor’s — “A+”
  • Fitch – “A+”
  • Moody’s – “A2”

AIG Life Insurance Is an “A” rated company, which means all major rating institutions such as A.M. Best, Fitch, Moody’s and Standard and Poor’s placed AIG Life Insurance in the top tier of financial strength and risk of becoming insolvent.

That is a feat that very few life insurance companies manage to achieve in terms of financial strength.

AIG Life Insurance BBB Rating and Consumer Complaints

As of October 2019, AIG is currently backed by an A- BBB (Better Business Bureau) Rating.

This isn’t the best but it’s nothing to be overly concerned with by any means.

In the last year, AIG is currently showing 127 total complaints filed against them with 61 of these complaints being resolved quickly.

While this isn’t the best BBB rating we have ever seen, we also don’t believe it’s a bad BBB rating by any means nor anything to place to much weight on.

A company the size of AIG and with the total assets under management that they currently have is bound to make a consumer or two upset from time to time.

The important thing is that they resolve the issues quickly in most circumstances.

AIG Life Insurance Products Offered

American General Life Insurance Company, offers several life insurance products.

The main products offered by the company are focused on life insurance, financial planning, and estate planning.

For the sake of this review, we will stick to discussing term life insurance products, IUL products, and whole life insurance products offered by AIG.

All the life insurance products offered by AIG are among the best for life insurance coverage but only to a certain extent.

The products offered by the company are competitive and affordable but certain consumers may not be as happy with the options as others which we will cover in more depth when we discuss underwriting guidelines and how to apply with the company.

The term life insurance offered by AIG is currently one of the cheapest life insurance products offered to consumers but it does have a few downfalls as well as strengths.

Here’s an overview for you:

AIG Term Life Insurance Reviews

American General Life Insurance Company currently offers a few versions of the term life insurance product.

You have the choice between the following.

  • The AG Select-A-Term
  • The AG ROP Select-A-Term (return of premium policy)

The AIG Select-A-Term Term Life Insurance

This is a simple term life insurance policy with coverage being offered for the following durations.

  • 10 Years
  • 15 Years
  • 20 Years
  • 25 Years
  • 30 Years

Term life insurance is always going to be the most affordable form of life insurance coverage you can purchase.

AIG happens to offer one of the cheapest term life insurance policies available but if you read further into our review, you can see where it may or may not be the best fit for you and your family.

The AIG ROP, (Return of Premium) Select-A-Term

This insurance policy is just like the other term policy, but it allows a return of premium.

This is 100% tax-free for anyone that has reached the end of their term and doesn’t want to keep their policy or have it converted into another permanent life insurance policy.

Conversion options would include Universal Life Insurance policy or a Whole Life Insurance Policy.

AIG Universal Life Insurance and Indexed Universal Life (IUL)

There are several individual universal life insurance product choices offered by AIG, and most of them offer outstanding coverage options.

Here are the best universal insurance products AIG offers:

  • AG Secure Survivor GUL II
  • Elite Global Plus II
  • Secure Lifetime GUL 3
  • Elite Index II
  • Asset Protector
  • Value+ IUL
  • Elite Survivor Index

AIG Life Insurance Secure Survivor GUL II

This universal life insurance policy is designed for people between the ages of 50 and 75, and it helps safeguard assets or protect businesses by helping minimize taxes.

This guaranteed universal life insurance product offers a minimum level of the death benefit if the policy remains active.

Elite Global Plus II

This universal life insurance policy is designed to help people accumulate cash value, and they also get protection for the death benefit of their life insurance.

The cash growth is based on the performance of various indexes in the global trading markets.

AIG Life Secure Lifetime GUL

This universal life insurance product is the simplest Universal Product offered by AIG and comes with cash growth and a level of the death benefit.

It also has an allowance for changes that people may want to make with their policy.

Elite Index II

This is an indexed universal life insurance product and is one of the simplest policies offered by AIG.

The product offers you with all the benefits of an IUL and keeps your money safe and secure, while you also get a death benefit.

There is also a special benefit, apart from the death benefit, which is only offered to people suffering from terminal or chronic illnesses.

Asset Protector

This universal life insurance product comes with additional policy benefits, which can be used as a death benefit for covering medical bills, while the insured is still alive.

Anyone that is above the age of 85 will get extended access, along with those suffering from chronic illnesses.

Value + IUL

This universal life insurance product offers a simplified policy that is meant to cover death benefit gaps in an IUL.

It offers policy cash growth, and death benefit protection, which means you get greater help for business and personal expenses in the future.

Elite Survivor Index II

One of the best things about AIG is that it understands that everyone has different requirements and circumstances in life.

Therefore, they want life insurance policies that don’t have any risk attached to them, and this universal life insurance product does that.

The Elite Survivor Index II policy offers several options to the policyholder.

It has 3 separate interest crediting options, which allows the insurer to choose one that meets their goals for life insurance and investment needs.

AIG Whole Life Insurance Reviews

Yes AIG offers whole life insurance in the form of the guaranteed issue whole life policy.

Outside of this option, AIG does not offer other traditional forms of whole life insurance.

However, they do offer a nice array of Universal Life Products we discussed previously.

However, the product currently offered by AIG is one of the best you can possibly get if you are an individual with a long list of health conditions or prior health conditions.

AIG Life Insurance Guaranteed Issue Whole Life Products

Now, this is something to rave about with AIG and personally as an Independent Life Insurance Agent, I have nothing but good things to say about this product AIG offers.

For a full scoop on the AIG GI product, be sure to revisit the link at the top of this blog post.

It will redirect you to another post we have specifically to gloat about this product.

This AIG GI policy is fantastic.

If you fall between the ages of 50-85 and have health conditions that no other company will ensure you with, this the product to go with.

Hands down, no questions asked.

I don’t care which Agent you have spoken to or who thinks they can beat this product because they can’t.

Not Jake from State Farm Life Insurance and not Alex Trebek From Colonial Penn Life Insurance

It’s no questions asked as long as your a US citizen, automatic approval, the lowest rates.

Not to mention, the policy is good for life.

That’s right. It’s good for life.

Yes, it has a waiting period like all (no-questions/no-exam life insurance policies have) but it includes living benefits, has 10% interest earned during this period and also covers accidental death.

No joke, it’s that good.

AIG Variable Life Insurance

This variable universal life insurance product is ideal for people who have knowledge about the dangers and changing nature of mutual funds, and how they add aggressive growth in the insurance policy.

If you want to acquire this policy, you must talk with a registered representative to qualify.

For the sake of this review, we won’t dive too deep into this product specifically because it’s much more complex and most variable universal life options are robust and allow for many different investment options when structuring the policy.

Living Benefits with AIG Life Insurance Company

Ah, the new kind of life insurance showing its face.

This is commonly known as life insurance that includes living benefits.
We have good news.

With AIG, if you are diagnosed terminally ill with a life expectancy of 12 months or less (certified by a licensed physician) you can accelerate up to 75% of your death benefit while living.

Here’s an example. Original policy death benefit 500,000.00

Diagnosed Terminally Ill And Elect to Take the ADB Benefit

500,000.00 x .75% = 375,000.00

The 375,000 Provided to you will be to help cover the cost for in-home care, terminal care and to make sure your family does not go bankrupt during the process.

You may think you don’t need this added benefit but trust me, it’s likely you may and if it’s free and built into the policy automatically, why complain?

Life Insurance Application With American General Life Insurance

To apply with American General Life Insurance, you will go through the steps that you would encounter with nearly any life insurance company.

For the most part, outside of the guaranteed issue products, you will need to apply with an agent either over the phone or in person.

The application process will consist of basic demographic information as well as a series of health questions.

After formally submitting your application, you will need to schedule a medical exam.

From this point, you will complete an exam and typically wait 2-6 weeks for your ultimately approval and rates.

This is the typical operating procedure with almost all life insurance companies.

Your other option would be to consider a no-exam life insurance company.

Underwriting Strengths

Anxiety and Depression – Preferred Rates Still Possible (Rare)

Cigar Smoking – Still Eligible To Be Considered a Non-Smoker if You Smoke Less than 52/Year

Very Lenient With Height and Weight- Great For Individuals Who Are Looking For Life Insurance for Overweight Individuals.

No Treadmill Testing For Any Life Insurance Products or Policies

Automatic Table Shave Program for Permanent UL Products (Automatically Bumps you Up, 2 Classes)

Now, we said that with strengths comes a few downfalls, here is the honest truth behind AIG Underwriting

Underwriting Weaknesses

AIG Life Insurance is fantastic with some underwriting niches and health concerns but isn’t nearly as great with others.

For example, AIG Life insurance is not necessarily the best carrier to select if you need life insurance and have high blood pressure.

Also, AIG Life is not your best pick if you are needing life insurance and have a poor driving history.

What Makes AIG Life Insurance Unique?

For the most part, AIG is much like any other life insurance company.

AIG is however unique in the fact that they offer a robust and fantastic whole life product that requires no medical exam.

AIG is also unique from the mere standpoint that they are one of the most financially stable insurance companies in the world.

Who Should Consider AIG Life Insurance Company?

AIG is great for many consumers.

This can include young and healthy individuals.

In addition, individuals who are looking for one of the cheapest options possible should consider AIG or at least run a quote with them before ultimately purchasing any life insurance.

As we discussed in our section about underwriting strengths, if you are currently a cigar smoker, you would be wise to consider AIG as well.

AIG Cost and AIG Vs. Other Life Insurance Companies

Life insurance is very difficult to place an actual blanket cost on for consumers.

This is due to prices varying based on unique circumstances.

What we can tell you is that AIG is very competitive on most products as stated before.

We decided to give a head to head match review a chance and let AIG Life Insurance step up against AAA Life Insurance Company.

To view how AIG Life did in comparison to AAA, you should see the review detailing AIG Vs. AAA.

If you decide to take a look at this comparison, keep in mind that we have no connections to either company.

In fact, we believe that both AIG and AAA Life Insurance Company offer great life insurance solutions for individuals seeking coverage.

What Makes AIG Life Insurance Unique?

For the most part, AIG is much like any other life insurance company.

AIG is however unique in the fact that they offer a robust and fantastic whole life product that requires no medical exam.

AIG is also unique from the mere standpoint that they are one of the most financially stable insurance companies in the world.

Who Should Consider AIG Life Insurance Company?

AIG is great for many consumers.

This can include young and healthy individuals.

In addition, individuals who are looking for one of the cheapest options possible should consider AIG or at least run a quote with them before ultimately purchasing any life insurance.

As we discussed in our section about underwriting strengths, if you are currently a cigar smoker, you would be wise to consider AIG as well.

What Is AIG Direct Life Insurance?

AIG Direct is another method of purchasing life insurance.

AIG Direct is the ones with the fancy commercials and advertisements flaunting that they can save you 70% on your term life insurance.

AIG Direct doesn’t allow you to work with an Independent Agency such as Good Life Protection and is direct to the consumer product.

If you missed it upon the first view, there is a link at the top of this post that will guide you through what AIG Direct is and how it works.

Pros of Choosing AIG Life Insurance Company (AIG)

When reviewing life insurance companies, we like to find the most beneficial advantages consumers can enjoy.

With AIG, here is what we believe to be the most significant strengths of the company:

  • Extremely Competitive Pricing on Life Products
  • Massive Financial Strength
  • Robust Products With Living Benefits

Cons of Choosing AIG Life

On the other hand, here is what we believe to be the most significant drawbacks of choosing them for coverage:

  • Only one no-exam option
  • Long underwriting turnarounds
  • More robust products are available

How Do I Contact AIG?

Here is the contact information if you wish to contact AIG directly for any of your life insurance needs or questions for death claims or other service work that you need to be performed for your life insurance policy:

AIG Company Address

175 Water Street

New York, New York 10038

AIG Company Phone Number and Direct Contact

(212) 770-7000

Names for American General Life Insurance Company

  • American General Life Insurance Company
  • AIG Life Insurance Company
  • AIG Life and Retirement
  • AIG Property and Casualty
  • American International Group
  • The United States Life Insurance Company in the City of New York

Purchasing AIG Life Insurance Policies

If you are confident that you need to purchase life insurance to protect not only yourself but your family and finally achieve peace of mind, we recommend you begin by filling out the instant quote form on the right-hand side of the screen or up above for mobile users.

Listen, AIG is a top dog in the industry.

Nobody is claiming differently.

That doesn’t mean that they fit the bill for what you are looking for or what your family needs.

It also doesn’t mean that they are the cheapest option for you and your family.

Every individual has unique underwriting circumstances that can range from health problems to even previous bankruptcies.

Yes AIG is fantastic at what they do but we highly recommend you talk to an Independent Agent and at least hear all of your options.

You could end up wasting way more money than you think.

Trust me.

I’ve seen it hundreds of times in my career.

It happens all of the time.

Final Thoughts on AIG

The goal of our AIG Life Insurance review was to provide you with an honest company review of AIG.

We also know it’s tough, to sum up, how good a life insurance company is right off the bat.

That’s one of the reasons we wanted to provide the information about if AIG is a good life insurance company or not.

It would only be fair to say YES, AIG is a GREAT life insurance company but again, that doesn’t mean they can offer you the best rates or serve you best.

When it comes to life insurance corporations in the United States, there aren’t much bigger than AIG.

The company is a pillar in the industry and offers some of the best life insurance products and policies that you are likely to find.

They have the extremely strong financial strength and customer service ratings but as always, we always recommend using an Independent Life Insurance Agent to compare all options.

If you prefer to do it alone, use the instant quote form on the right to get started.

Not only can you review AIG life insurance rates but review the rates from all the top life insurance companies we know and trust.

(Updated October 25th, 2019 to reflect new Financial Strength, BBB Ratings, Products Offered and AIG Company News)


Resources: AIG