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American General Life Insurance
Company Review
American General AIG Life Insurance incorporated in 1926 as a fire and casualty insurance firm before expanding into the industries of real estate and investment financing through its subsidiary, American Investment Group (AIG). The company acquired more businesses and expanded rapidly through the next several decades and began selling life insurance in 1991, making it one of the largest insurance organizations in the world with more than 90 million customers spread across more than 80 different countries.
American General Insurance
- 9640 Granite Ridge Drive, Suite 200
San Diego, CA 92123
It is one of the most highly-rated life insurance providers in the nation. Garnering above-average ratings from all four financial strength agencies, AIG offers affordable rates as well as flexible premium and benefit packages. American General makes it simple to shop for their variety of life insurance products and provides many resources to keep their clients informed as they make important decisions for the future of their loved ones.
Advantages of American General
American General’s main strengths come from its dependability and the variety of products that are offered. Because it is such a large company and its current financial position is so strong, customers can feel more confident that the company will last long enough to pay the promised benefits. On top of that, its size and backing allow it to branch out with a wider range of insurance products in comparison with its competitors.
Also, many of the personal reviews praise the customer service available and how much can be done quickly online. Additionally, AIG offers extremely flexible term policy lengths. While many companies have periods in increments of five years (e.g. 5, 10, 15, 20, etc.), AIG allows customers to purchase more specific term policies such as 11 or 23-year plans.
Lastly, AIG’s entire team is easily accessible online. As a policyholder, you can easily manage your policy online and access all the necessary claims forms and contact forms to get your problem solved efficiently. Clients can access their FAQ page to get basic questions answered, such as how to pay premiums, set up electronic billing, or changing beneficiaries. New customers can access free life insurance quotes from AIG online as well, and they provide in-depth, downloadable PDF brochures for all their life insurance products.
Disadvantages of American General
This added variety, flexibility, and dependability come with an added cost, however. AIG’s plans are more expensive than similar plans with competing companies. The company also offers relatively poor coverage for individuals with a genetic predisposition toward certain conditions and those with high cholesterol. Additionally, AIG draws a significant number of complaints from its customers, mainly about the amount of red tape that is sometimes required to cancel policies or make changes.
Available Products
Term Life
Select-a-Term: This product allows customers to choose the benefit amount they need for whatever length of time they need it. They offer 18 different term options with this policy, be it 10 years, between 15 and 30 years, or 35 years. There’s also a built-in conversion option available up to the end of the level-premium period (or age 70), without requiring any additional underwriting.
QoL Flex Term: One of several of AIG’s “Quality of Life” insurance options (detailed later), this term insurance policy provides coverage along with built-in accelerated benefit riders, which provide an advance on the policy’s death benefit to cover costs for long-term care and other expenses due to a chronic, critical, or terminal illness. Like Select-a-Term, this policy offers a range of term options and convertibility options. Other available riders for this policy include an accidental death benefit, child rider, and waiver of premium.
Quality of Life
American General Life Insurance Company (AIG) offers 4 life insurance products that offer built-in living benefits that provide protection for those dealing with the unexpected, such as terminal illness. These policies are ideal for people who want financial protection for whatever matters most to them.
QoL Flex Term: see above under “Term Life Insurance”
QoL Guarantee Plus GUL II: This product provides guaranteed lifelong insurance that also builds cash value. It includes the option of receiving supplemental income for retirement.
QoL Value Protector: This index universal life insurance product offers built-in living benefits, cash value accumulation, and a guaranteed death benefit up to age 100.
QoL Max Accumulator: Another cash value index universal life insurance product, which also includes supplemental retirement income and long-term wealth accumulation.
Universal Life
Guaranteed Universal Life
Secure Lifetime GUL 3: With this product, clients get a guaranteed death benefit plus cash value potential. Benefits and premiums are flexible, and there are a variety of riders and features available to customize the policy to fit your needs.
AG Secure Survivor GUL II: Ideal for asset and business protection from estate taxes, featuring guaranteed death benefit and premium flexibility. You can even make partial withdrawals while maintaining pro-rated benefits.
Indexed Universal Life
Value Protector: This is protection-focused products that combine many of the benefits of other universal life insurance products with other features and interest crediting to reduce costs.
Max Accumulator: This flexible IUL product focuses on retirement and long-term wealth accumulation, offering tax-advantaged income and cash value enhancement features.
Variable Universal Life:
These life insurance products build cash value through investments, providing flexibility for premiums and death benefits should your needs change. These policies are ideal for those with an interest and knowledge in investment funds and are looking for a more advanced life insurance policy. While AIG has built several variable life insurance products, only one of them is currently available. AG Platinum Choice VUL 2 is the only Variable Universal Life insurance product for sale currently at AIG, and you can download more information about it here.
Guaranteed Issue Whole Life: For qualified applicants between the ages of 50 and 85, AIG offers a guaranteed-issue whole life insurance policy. With coverage ranging from $5,000 to $25,000 and affordable fixed premiums, acceptance is guaranteed without an exam or extensive underwriting. These policies are ideal for covering final expenses like funeral costs, medical bills, and credit card debt.
Accidental Death and Dismemberment: Another guaranteed-acceptance option, this insurance product helps limit out of pocket expenses in the event of an unexpected, serious injury or death due to an accident. AD&D provides up to $500,000 of benefits and could be a good plan B for those who have been turned down for other life insurance products in the past since there’s no application or medical exam. These plans are ideal for people who need supplemental coverage for a health plan or desire quick coverage without an exam.
American General Ratings
It is always important to check the ratings of any company that you are planning to purchase life insurance from. Understanding their financial strength, rates, product range, and customer service will help you form a better picture of how the company will treat you and your case. For many, life insurance is a lifetime commitment, one that you would not want jeopardized by a poorly-rated provider. These ratings represent how AIG is rated financially:
| Agency | Rating | Description |
| Standard & Poor´s | A+ | Superior |
| Moody´s | A2 | Good |
| A.M. Best | A | Very Strong |
Conclusion
There are both advantages and disadvantages to purchasing a policy with a company as large and expansive as AIG. While you get access to the wide variety of flexible products they offer as well as exposure to the financial dependability of the company, you may also find yourself paying slightly more for your policy and encounter difficulties when trying to cancel or change your policy.
In the end, choosing the right insurance company is only one part of purchasing life insurance. There are many factors that go into the cost of your policy that are best assessed by an expert. That’s why we want to help. Here at LifeQuote, our agents will take stock of your situation and help you determine which course is best to take.
With us, you can be sure you are getting the best coverage for the best rates. Life insurance can be complicated, but it doesn’t have to be. Contact us today to let us simplify the process for you.
