AIG Life Insurance Review
How We Reviewed AIG Life Insurance
6 companies compared
2 features evaluated
5 ratings analyzed
AIG Life Insurance Review
AIG offers competitive life insurance options to fit diverse needs. One of the best things about AIG is that it can cover almost everyone, offering life insurance that grows with you. With term, whole, universal, and permanent life insurance, you can find the right kind of coverage that is best for you with the ability to customize as needed.
AIG has a limited number of riders, but the advertised riders cover the most common needs, such as coverage for children and death benefit access. Guaranteed issue life insurance means that there is no medical exam required, so high-risk customers with medical issues can receive coverage, even if it is more expensive than usual.
With that said, AIG lands at the bottom of the pack in terms of customer service, with below-average scores from ratings sites like J.D. Power. If reliable customer service is a priority for you, especially with a product as long-lasting as life insurance, we recommend looking elsewhere.
Slow policy activation
The Life Insurance Factors We Analyzed
When it comes to customer service, AIG falls near the bottom of the pack. The company that issues its life insurance policies, American General Life Insurance, received far more than the average number of complaints registered with the National Association of Insurance Commissioners (NAIC) in 2018, which bodes poorly for the overall customer experience. AIG also came in dead last in J.D. Power's life insurance study, one of the best indicators of a provider's performance.
Coverage and rider information
When purchasing a policy from AIG, you can choose from a variety of options, including term life, guaranteed issue whole life, quality of life, and universal life insurance. AIG has fewer riders than other competitors, though there are some basics that we're happy to see: a child protection rider, an accelerated death benefit, and a disability waiver of premium.
AIG does allow for policy conversion if you decide you would like to extend your term coverage to permanent, but conversion is limited to certain policies, so be sure to check with an agent about eligibility and fees.
Life insurance coverage features
|Insurance types offered||Term, whole, universal|
|Term lengths offered||10, 15, 20, 25, or 30 years|
|Standout coverage features||Flexible term options
Efficient claims processing
Wide coverage area
*Options vary by state.
AIG Life Insurance Overview: Financial Strength, Availability, and History
During the 2008 U.S. financial crisis, AIG received an enormous $182 billion bailout from the U.S. government that would carry the company for the next 14 years. AIG has since repaid that debt with interest and rebounded, though it still holds subpar ratings from two of the biggest independent rating agencies: S&P Global and Moody's.
- In business since: 1919
- S&P Global financial strength rating: BBB+
- Moody’s financial strength rating: Baa1
- AM Best financial strength rating: N/A
- States served: 50 plus Washington, D.C.
All information accurate as of February 6, 2020.