Cost & Coverage
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With competitive pricing and a range of policy options, AIG is a good potential option for many life insurance shoppers.
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Competitive rates for applicants of all ages
Range of policy options
Shorter-than-average application length
Average turnaround time to activate policy
Average customer ratings
THE BOTTOM LINE
AIG is a highly-rated company that offers affordable term life insurance for applicants of all ages. Combined with competitive options for people with complicated health histories, AIG is a great first look for all life insurance shoppers.
AIG COMPANY SPOTLIGHT
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Competitive rates for applicants of all ages. Life insurance rates are determined by a number of factors - notably the policy itself (term length and coverage amount) and health of the applicant (including age and health history). While life insurance gets more expensive the older you are when you apply, AIG term life insurance retains a below-average cost even for health applicants in their 60s.
Range of policy options. Life insurance isn't a one-size-fits-all financial product. It's important to be able to tailor a policy's term length, coverage amount, and features to fit your needs. While some AIG policies may not have the customizable riders available elsewhere, they come in a variety of term lengths and start at affordable, low coverage death benefits.
Shorter-than-average application length. Using an independent broker like Policygenius will help you avoid many of the typical life insurance application headaches, but it's still nice to know that the standard application form for AIG is shorter than average so you'll be able to read through it and understand it quickly.
Average turnaround time to activate policy. The time for a life insurance policy to become active depends on a number of factors. The carrier may request documents from your doctor, or there may simply be a higher volume of applications to a carrier. On average, the turnaround time for an AIG policy to become active is slightly slower than average - but that may not be the case for your application.
Average customer ratings. For a company that's been around as long as AIG has, with as many customers as it has, there are certain to be complaints. AIG doesn't fare as well in some consumer ratings, like those from J.D. Power, or compared to competitors in the NAIC's national complaint index.
Cost is one of the most important factors when it comes to choosing a life insurance policy. If you're having a hard time deciding between policies, it's safe to go with the cheaper option (assuming it provides the proper amount of coverage, of course).
That makes AIG a good starting point for many shoppers. Age is one of the biggest determinants of life insurance cost, and across all age ranges, AIG tends to have cheaper-than-average policies. Of course, the cost of your policy depends on a number of factors, so be sure to compare just to be sure.
|Age||AIG average||Industry average|
Sample quotes for a healthy male applying for a $500,000, 20-year policy. Rates current as of September 2019.
Besides age, health plays a large role in setting life insurance costs. Not every company weighs health conditions the same, so if you have high cholesterol, for instance, one company may be more competitive than another. When looking into life insurance companies, be sure to choose the ones that are more accommodating to your health circumstances.
Here's how AIG typically ranks for common conditions.
|Recent Weight Loss||Excellent|
|Former Tobacco Use||Good|
|High Blood Pressure||Good|
Compare AIG to other top-rated companies
AIG is a good company -- but it may not be the right fit for you. Compare top insurers in one place and find your best rate with Policygenius.
A life insurance policy often lasts for 20 or 30 years in order to cover debts and expenses like mortgage and college costs. With that in mind, how do you choose a company that you can be sure will be around that long?
AIG serves millions of customers and has been around for over 150 years. If that isn't enough to ease your concerns, though, strong ratings from financial rating companies S&P, Moody's, and A.M. Best prove that AIG is in good standing and likely to be sticking around.
Highest ratings from each firm are:
It's important to know what experts think about life insurance companies - but it's also good to know what actual customers and consumer sentiment sites are saying, too.
AIG has above average customer ratings across the board. While they falter in some areas, like J.D. Power's overall satisfaction score or the NAIC's complaint index, keep in mind their large customer base and the fact that a vast majority of customers are largely satisfied.
J.D. Power provides studies that rate insurance companies across product offerings, price, clarity of statements, interaction, communication, and the application process. An overall satisfaction score, "based on how individual life insurance clients rate their overall experience with the provider", is reflected here and used for our ranking.
The Better Business Bureau ranks companies across a large swath of criteria. While consumers can submit ratings to the BBB, these scores are not taken into account in their rating, although tangential metrics that take into account customer experience are.
Consumer Affairs is a platform that lets consumers directly rate customers, while Consumers Advocate rates companies based on stability, reputation, and policy coverage.
The National Association of Insurance Commissioners tracks the number of complaints submitted to state insurance departments with their national complain index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to count. AIG's 2018 score of 3.58 means they received around three and a half times more complaints than the average. That may seem high, but keep in mind their large customer base. This score represents fewer than 300 complaints, for a company with more than 5 million policyholders.
Term life insurance expires after a set number of years. Some applicants may be able to forgo the medical exam depending on their policy, age, and health.
AIG's Select-a-Term term life insurance policy is a straightforward life insurance policy that's good for applicants across the age spectrum.
|Annual payment discount||4%|
|Available payment methods||Check; Auto bank draft; Credit card only for first payment (and not available in all states)|
|Temporary coverage||Up to $1,000,000|
The term policy is convertible to a whole life policy until the earlier of the end of the term or to age 70.
Whole life insurance is a type of life insurance that stays active for as long as you pay the premiums, but is around eight times more expensive than term life. Shoppers should look to term life insurance first before considering whole life.
AIG's whole life insurance option is guaranteed issue, meaning there is no medical exam, but coverage limits are low and the policy is very expensive. This type of policy is best for older or unhealthy applicants who may not have other coverage options.
|Annual payment discount||N/A|
|Available payment methods||Auto bank draft; Credit card|
Note: The information above represents potential policy options and may not be available for every applicant. Speak to a licensed expert for a personalized look at your coverage options.
AIG provides a strong customer experience, including wide availability and access to make policy changes online,
AIG's Select-a-Term policy is available in all 50 states, as well as Washington, D.C. Guaranteed issue policies are not available through the company in New York.
The application length for AIG is below average.
* Based on standard application. Additional forms may be required.
AIG has an average turnaround time from application to active policy.
Need to make changes to your policy? AIG allows you to make most changes online.
AIG accepts premium payment by bank auto draft and credit card (for first payment). Payment by check is available for term life insurance policies.
Final policy delivery is available electronically for instant access.
AIG requires the following forms to be submitted to claim a death benefit:
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Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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