Are you looking for reviews of American General Life Insurance? If so, you’ve come to the right place! At insurancebrokersusa.com we love AIG and they consistently make our top 10 best life insurance companies list. We’ve written this American General Life Insurance review to help you figure out if they are the best company for your needs.
We are not American General or AIG Life Insurance. We are an unbiased company and this review of AIG Life Insurance is not paid for by American General.
2017 Review of AIG Life Insurance
This review of AIG Life Insurance will tell you our thoughts on the company. As mentioned above, AIG Life Insurance is on our top ten life insurance companies list. That means this review of AIG Life Insurance is going to be pretty positive. But don’t worry; we’ll tell you some of the drawbacks of buying a life insurance policy from AIG Life as well.
About American General Life Insurance Company
Two companies you may have heard about: American General Life Insurance and The United States Life Insurance Company are both under a larger company named AIG. Almost a decade ago, American General wasn’t as good as it is today. However, with the help of AIG, American General has really turned around. So cast all your preconceived notions out the window and get ready to explore the new and improved American General.
Ratings for American General Life Insurance
When you are looking ate American General Life Insurance reviews, one thing you should definitely take note of is the ratings AIG Life got by ratings agencies. This is one of the most important things as rating agencies take a fine-toothed comb and investigate everything about a life insurance company’s finances. The conclusion of ratings agencies based on their expertise is important! So how did rating agencies rate American General Life Insurance?
Two of the top rating agencies in the United States have rated American General Life Insurance: A.M. Best and Standard & Poor’s. These are names you’ll see again and again when looking into life insurance company ratings because they are respected and trustworthy rating companies.
- A.M. Best rated AIG Life with an A. This is an excellent rating.
- Standard and Poor’s rated AIG Life with an A+. Again, an excellent rating.
Both of these ratings put AIG Life in the top percentile of life insurance companies.
What is American General Life Lab Scoring?
“Lab scoring” is something that is unique to AIG Life. It is a method they use to determine who will get the preferred ratings. The Lab Scoring system has its pluses and minuses. You may do well on your blood & urine work but then have a negative lab scoring – this could cause you to lose your rate class. On the flip side, if you are on the cusp of a good rate class, then a positive lab score could actually push you up to the better rate class.
Term Life Insurance
While most term life insurance policies are good for terms in increments of five, AIG Life actually offers term policies for 10 years and then anything from 15-30 years. Essentially, you can purchase a 16 year term life policy or a 29 year term life policy, and anything in between. It’s quite unique in the life insurance industry.
Why would you want to have a random year as the term life policy? Increments of five just sounds easier, doesn’t it? Why on earth would you need an 18-year term life insurance policy?
Well, perhaps you want to have a term that covers you until you retire, your kids grow up, or your mortgage is paid off. Whatever the reason, if you feel you need coverage for an exact period of time, AIG can help!
AG ROP Select-A-Term: With this you can recover your premiums tax free at the end of the term.
Permanent Life Insurance
AIG also offers an array of permanent life insurance policies.
AG Secure Lifetime GUL 3: This is a universal life policy that accumulates cash value and also have estate planning protection.
AG Secure Survivor GUL II: Survivorship universal life insurance covers two people at the same time. When the first dies, the other receives the death benefit. This is a great choice for couples.
Elite Index II and Survivor Index II: This is a flexible plan that empowers the insured to be more involved in the investment process.
AG Platinum Choice VUL: this is a variable universal insurance policy. The insured can invest the policy cash accumulation value in order to earn more money.
Guaranteed Issue Whole Life Insurance: A great policy for people who may not qualify for term or whole life insurance due to medical conditions. The policy works well as final expense burial insurance as the maximum coverage is $25,000. Available for people 50-85.
AIG Term Life Riders
AIG Life Insurance also offers a variety of life insurance riders. Some of those riders include:
- Waiver of premium rider
- Disability income rider
- Child rider
- Accidental death rider
AIG Permanent Life Insurance Riders
- Critical and Terminal Illness riders
- Death benefit early access
- Income-tax-free access to death benefits
Major Pro for AIG Life: Underwriting for High Risk Applicants
If you are at high risk life insurance applicant, then AIG Life may be a great life insurance company for you. They are really great when it comes to underwriting policies for people with health problems that normally make it difficult to get affordable life insurance. Those with diabetes, chronic illnesses, autoimmune, sleep apnea, and more might find AIG Life to be right for them. If you are a recreational marijuana smoker, AIG Life is also great.
Cons for AIG Life
Though we are big fans of American General, of course nobody is perfect. One drawback is that AIG Life is but one company of many. Although AIG is a solid company there are times when a different company will be better suited to meet your specific needs, health and lifestyle.
Must Take an Exam
One drawback is the lack of simplified issue term life insurance options. For those clients on the move or who wish to avoid an invasive medical exam, no exam life insurance is a major plus. Unfortunately, AIG does not currently offer a competitive no exam term policy at this time.
Don’t Miss Out on the Best Life Insurance
The biggest drawback about buying a life insurance policy from AIG Life is simply that you will lose out on what another company has to offer. There are certain life insurance companies that may be more well suited for your specific condition or lifestyle. Just like AIG Life is great for marijuana smokers, someone else might be better for adventure sport enthusiasts. That’s why when buying life insurance you need to speak with someone who knows the ins and outs of many, many life insurance companies.
If you only speak to a representative of one company, then you’ll only know what they have to offer. Instead, give us a call. We will gather all we need to know about you and use everything we already know about more than sixty of the best life insurance companies in the USA to find you the very best policy. We customize our recommendations based on your needs. We may recommend AIG Life, but then again, if we don’t think they are the very best for you, then we’ll recommend someone who is.