AIG Life Insurance

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In 1919, in Shanghai, China, what is now known as American International Group, Inc. (AIG) was established as American Asiatic Underwriters. Life insurance is now sold all throughout the country from AIG’s New York and London offices. The United States Life Insurance Company issues policies in New York, whereas American General Life Insurance Company handles policy issuance in the other 49 states. They’re both AIG members now.

Reasons Why

Decisions made same day: For individuals who are eligible, no-exam policies can be issued the very same day.

The rapid underwriting process at AIG allows applicants in good health to obtain coverage of up to $2 million without medical exam. To be eligible, applicants must be under the age of 59, and insurance are typically granted in as little as five days.

30-year term policies are an option: A term policy from AIG can cover anything from 10 to 30 years, which is far longer than the industry standard. The company provides a wider range of term options beyond the standard 5-year minimum.

Included in the coverage are living benefits, such as the ability to access the death benefit in the event of a chronic, critical, or terminal illness, as provided by AIG’s quality of life plans.


Not accessible for online quotations: You’ll need to input your contact details and wait to be contacted by an agent if you want to get a quote through the website.

High incidence of complaints: The National Association of Insurance Commissioners (NAIC) reports that, over the previous three years, AIG has received more than three times the number of complaints typical for a company of its size.

Low customer satisfaction ranking:AIG had more complaints than the worst 25% of the firms we looked at, according to our complaint index, and it rated 19th out of 21 companies in customer satisfaction, according to J.D. Power’s 2022 U.S. Individual Life Insurance Study.

Complaint Index

AIG has received over three times as many complaints as would be expected from a firm of its size over the past three years. To facilitate comparisons between insurance providers, the NAIC produces a complaint index. The insurer’s annual complaint volume and the insurer’s size are both considered in the index. When the index value is 1.00, the number of complaints received by the company is in line with expectations; when it’s larger than 1.00, more complaints were received. If the index is less than 1.00, fewer complaints were received than anticipated.

The average number of complaints received by AIG over the past three years is 3.13, which is three times the norm. The complaint index of the finest life insurance providers is often below 1.00.

Third-Party Ratings

The financial stability of life insurance providers can be evaluated by using independent rating agencies. You wouldn’t put your money in a bank with shaky finances, and neither would it be prudent to keep paying premiums to a life insurance firm that might soon go bankrupt.

AM Best, established in 1899, is a highly regarded credit rating firm that assigns ratings on the financial stability of life insurance businesses. This in turn reflects the firm’s solvency and ability to meet its ongoing insurance commitments and claim payments. Marks might be anywhere from A+ to D+. AIG has an excellent capacity to pay claims, as evidenced by its grade of A (Excellent) from Standard & Poor’s.

J.D. Power is a firm that provides a customer satisfaction rating out of 1,000 for various life insurance providers. AIG’s score of 744 on J.D. Power’s U.S. Individual Life Insurance Study for 2021 is significantly below the industry average. Among the assessed 21 life insurance providers, AIG ranks 19th.

Policies Available

You can apply for select AIG life insurance policies up until the age of 80.

However, you must be younger than 59 to be eligible for a no-medical-exam life insurance policy.

If the policyholder develops a qualifying condition, they are able to collect the death benefit early through the three living benefits offered by AIG’s term, universal life (UL), and indexed universal life (IUL) plans: critical illness, chronic illness, and terminal illness.

Term Life Insurance

Coverage under term life insurance policies often extends for a certain number of years, called “terms,” such as 5, 10, or 15 years. It’s cheaper than permanent life insurance and normally lets you convert to permanent coverage before the term ends or renew the policy thereafter.

Term life insurance policies from AIG can be purchased for a minimum of ten years and a maximum of thirty. A 35-year term policy is also available.

Universal Life Insurance

If you have enough cash value in your universal life (UL) insurance policy, you may be able to temporarily suspend your premium payments without affecting your coverage. The cash value accumulates tax-deferred and is a major boon to the insurance, especially as it advances in age. In some ways, AIG’s universal life policy is similar to a term policy, in that policyholders can choose the length of their coverage. In contrast to a term policy, a permanent insurance plan may allow you to keep your coverage indefinitely while paying a lower premium or no premium at all.

Indexed Universal Life

The cash value of an indexed universal life (IUL) policy rises and falls in tandem with a stock index like the S&P 500. The cash value earns interest proportional to the performance of the index but cannot decrease in value regardless of the index’s performance. The ability to share in market profits while avoiding losses makes this type of policy appealing. Market gains, however, have similar restrictions.

Variable Universal Life

Permanent insurance known as variable universal life (VUL) allows the cash value to be invested in the stock market through individual accounts. Subaccounts in variable life insurance work similarly to mutual funds in that their cash value rises and falls with market fluctuations. This is the most hazardous form of life insurance.

Final Expense or Burial Insurance

Small, permanent whole life insurance coverage for final expenses are available. Coverage amounts of $5,000 to $25,000 are available from AIG for those aged 50 to 80 years old.

If you pass away during the first two years of having purchased this policy, your beneficiaries will only receive an amount equal to 110% of the total premiums you paid. As long as you are of legal age, you can skip the medical exam and be accepted without question.

Available Riders

Some riders, including those that provide an accelerated death benefit, are included at no additional cost while others must be purchased separately. Some of the AIG riders are listed below.

Child Benefit

For a negligible additional premium, a children’s term rider provides a death benefit. A permanent policy option may be available to the child after they reach adulthood.

Waiver of Premium

Common riders include ones that cancel premium payments in the case of death or total disability. The benefits of this rider usually require a waiting time.

Accidental Death Benefit Rider

If the insured individual dies in an accident, AIG will give them an additional death benefit on top of the face value of their policy.

ADB: Chronic Illness Rider

If you are diagnosed with a chronic disease that meets certain criteria, you may be eligible to receive a portion of your death benefit early through an ADB rider. Your beneficiaries’ death benefit will be reduced by the same amount as the payout.

ADB: Terminal Illness Rider

Another form of ADB, this one advances the death benefit if you are diagnosed with a terminal illness and given a prognosis of 24 months or less to live.

ADB: Critical Illness Rider 

In the event of a serious illness, such as a heart attack or certain types of cancer, this living benefit will advance a portion of the death benefit.

Customer Service

Life insurance claims from AIG can be initiated online and via online chat. Customer support for AIG’s life insurance plans can be reached at (800) 888-2452, while those for American General, which uses AIG as an underwriter, can be reached at (844) 452-3832. 10 11
Fill out the form below to have an agent contact you with a quote after reviewing your coverage needs.

How We Conduct Reviews of Life Insurance Companies

We ranked over 90 insurers across five broad categories including financial soundness, customer happiness, product and feature variety, the overall buying experience, and cost, using a methodology we developed based on consumer objectives and life insurance firm fundamentals.

We used 55 different indicators and collected over 5,000 data points to accomplish this. We examined insurers’ results across a variety of measures by classifying them into categories and scoring them accordingly.

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