AIG offers a number of products, including two term life policies, a guaranteed issue whole life policy, and several universal life policies.
Term life insurance
Term life insurance lasts for the duration of a term, or a set number of years. After that term’s up, it expires. Or you can renew the term. If you die during that time, your beneficiaries are paid a death benefit.
Most applicants should choose term life over whole or universal life policies because it’s the simplest and most affordable option. AIG provides that kind of simplicity along with a decent set of customizable options.
AIG’s main term life product, Select-a-Term, is a solid choice for applicants across the age spectrum.
What makes it unique is the variety of term lengths. You can choose 10 years, any duration from 15 to 30 years, or 35 years. That means you can choose 16-year terms, 27-year terms, or whatever amount you think you need.
That’s an extremely high degree of flexibility you won’t find with many term life insurance policies. There’s also a low starting minimum and a decent selection of riders to further customize your policy.
|Eligible ages||20 to 80|
|Term lengths||10-, 15-, 20-, 25-, 30-, 35-year terms|
|Coverage maximum||$1 million|
Premiums are fixed for the initial level term. After the end of the level premium period, this policy is renewable on an annual basis, but premiums will increase until age 95. Policies expire at age 95.
Accelerated death benefit. Allows you to accelerate up to 50 percent of the death benefit if you've been diagnosed with a terminal illness.
Accidental death rider. Pays an extra death benefit on top of the policy’s established death benefit. This rider ends on the policy anniversary nearest your 70th birthday.
Child protection rider. Provides life insurance coverage for all eligible children (ages 15 days to 19 years old) in one rider. Available coverage of $500 to $25,000.
Disability waiver of premium. If you become totally disabled as a result of a qualifying event, premiums are waived after a six month waiting period. This rider ends on the policy anniversary nearest your 65th birthday.
AIG can provide up to $1 million of temporary coverage, which starts when the application is signed.
Select-a-Term customers can convert to any of AIG’s universal life policies until the end of the term or to age 70. You won’t need to take a medical exam.
AIG lets you reconsider your rates after your policy’s activation. If you’re healthier you may qualify for lower rates. However, if you use tobacco you will have to wait a year until you’re eligible for reconsideration.
QoL Flex Term
This policy is similar to Select-a-Term. Details below.