AIG life insurance review
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Its A rating from AM Best and 744 on the latest JD Power life insurance study are supported by an extended history in financial services. Its diverse portfolio is designed to reach more customers, but does AIG offer appropriately sized policies? More importantly, how does the pricing compare to top competitors?
Life insurance plans from AIG
Select-a-Term
AIG Corebridge's Select-a-Term is a term life insurance policy with 18 term periods. You can choose a 10, 15, 30, or 35-year term depending on your plans.
This term life insurance policy has a minimum death benefit of $100,000. Qualified buyers can also convert it to a permanent policy without additional underwriting before the end of the term or until age 70, whichever comes first. Ask an AIG agent about guaranteed insurability, if you need a rider, and the cost.
Simplified issue whole life
If you don't want the bells and whistles of a universal life policy but are still looking for a lifelong plan, this whole life insurance option may be a winner. AIG Corebridge's simplified issue whole life insurance offers a no-medical exam option with a death benefit between $5,000 and $35,000.
AIG's Simplified Issue plan appeals to consumers only interested in funeral coverage and other limited end-of-life benefits. The available benefits are insufficient if you're concerned about paying down a mortgage, paying off debt, or otherwise offering financial protection.
It will also fall short if you're looking for a plan to protect you if you're diagnosed with a terminal disease at any point in life.
Guaranteed issue whole life insurance
This whole life insurance policy is upgraded from the simplified issue plan because it has a built-in chronic illness rider and terminal illness rider. Plus, you can stop premium payments at or before you're 90.
The guaranteed issue whole life policy is available to applicants ages 50 to 80, regardless of health. Like the simplified issue whole life, you can waive the medical exam requirement. However, the policy limit may vary based on your health history and other parts of your application. The minimum coverage amount is $5,000, and the maximum is $25,000.
Again, this policy is primarily meant for funerals and other similar costs. If you exercise the terminal illness rider, you may ease some out-of-pocket expenses. But the impact on quality of life will be limited.
Max Accumulator + III
The Max Accumulator + III is an index universal life insurance offering tax-free access to the cash value through policy loans and withdrawals. This policy invests your cash value using four index crediting strategies that minimize market volatility.
You can add the Income for Life rider to turn your policy into a guaranteed lifetime income stream. You can also waive the medical exam, but medical questions and a medical records check may still apply.
Applicants must be younger than 59 to qualify. Policies can be as large as $2 million. But if you want a more comprehensive policy, you'd have to look at other plans.
Value + Protector III
The Value + Protector III policy is also an indexed universal life insurance policy with tax-free access to the cash value through policy loans and withdrawals. This policy invests your assets using four indexing strategies that minimize market risk.
Buyers get a built-in return of premium and a guaranteed death benefit up to 90 years old. You may also be able to forgo a medical exam if you are between 18 to 59 years old and applying for less than $2 million of coverage. Ultimately, the longer you pay into a universal policy, the more significant your death benefit may be.
The Value + Protector III is AIG's best permanent life insurance option if you're looking for a retirement vehicle. It also offers the best coverage for medical bills, living costs, and more if you develop a terminal illness.
Additional coverage options from AIG
- Accidental death benefit: This rider pays a higher death benefit if death results from unintended injuries.
- Child rider: You get an additional death benefit after the passing of a child, up to $25,000 per child. As adults, children can buy separate life insurance policies.
- Terminal illness benefit: This rider pays for care expenses if you become terminally ill.
- Waiver of premium: This extra coverage waives your premium if you become disabled after a six-month waiting period (not available if the policy's death benefit exceeds $5 million). So your life insurance policy stays intact with no further payments.
- Nursing home benefits: You can get a portion of your death benefit to cover nursing home costs while you're still alive if you become terminally ill.
- Limited pay feature: If you reach a certain age, you will only have to pay additional premiums after age 100.
How much does life insurance from AIG cost?
According to Insider's article on the average cost of life insurance, the average life insurance rate for 35-year-old males is about $30 per month. Women paid $26 per month. Policy terms include life insurance benefits of $500,000 with a 20-year term.
According to Policygenius, the average price of the same policy at
Term life insurance cost
Profile | AIG average monthly premium | Industry average monthly premium |
25 yo female | $18.70 | $21.08 |
25 yo male | $23.81 | $26.90 |
35 yo female | $22.26 | $25.58 |
35 yo male | $25.01 | $30.34 |
45 yo female | $43.13 | $47.86 |
45 yo male | $55.00 | $60.76 |
Source: Policygenius
Simplified whole life insurance
Male profile age | $10K policy | $20K Policy | $30K policy | $35K policy |
50 | $33.43 | $63.65 | N/A | N/A |
60 | $47.82 | $92.44 | N/A | N/A |
70 | $81.75 | $160.29 | $238.83 | N/A |
80 | $153.38 | $303.56 | $463.74 | $528.83 |
Female profile age | $10K policy | $20K Policy | $30K policy | $35K policy |
50 | $26.42 | $49.63 | N/A | N/A |
60 | $35.83 | $68.46 | N/A | N/A |
70 | $58.24 | $113.28 | $168.32 | N/A |
80 | $107.96 | $212.71 | $317.46 | $369.84 |
Source: AIG
Guaranteed issue whole life insurance
Male profile age | $10K policy | $20K Policy | $30K policy | $35K policy |
50 | $55.99 | $82.98 | $109.97 | $136.96 |
60 | $68.14 | $101.21 | $149.25 | $186.07 |
70 | $106.00 | $158.00 | $232.60 | $290.25 |
80 | $206.32 | $308.48 | $415.67 | $519.08 |
Female profile age | $10K policy | $20K Policy | $30K policy | $35K policy |
50 | $38.58 | $56.87 | $79.78 | $99.23 |
60 | $53.93 | $79.90 | $118.96 | $148.20 |
70 | $80.41 | $119.62 | $176.74 | $220.43 |
80 | $189.53 | $283.30 | $410.63 | $512.78 |
Source: AIG
How do I file a claim with AIG?
To open a claim with
You can contact AIG Corebridge by phone, mail, and fax for further assistance. You must have an account to reach the team via email.
Phone: 1.800.448.2542
Mail: Corebridge Retirement Services, PO BOX 15648, Amarillo, TX 79105-5648
Fax: 1.877.202.0187
Who are the ideal customers for AIG?
Buyers with approved preexisting conditions may appreciate the competitive rates they get with
Many providers will postpone your application if you're past the third trimester of your pregnancy. However, AIG will accept pregnant applicants for insurance throughout their entire pregnancy.
Compare AIG vs. Prudential
Customer service
The
Reliability
We evaluate a company's reliability through the number of complaints received and its financial strength. We used the National Association of Insurance Commissioners (NAIC) complaint index data to determine the number of grievances filed against the company. The industry average complaint index score is 1.00. If a company scored above the complaint index, it received more complaints than the industry average.
Prudential received a score of 8.65, well above the industry average. On the other hand, AIG Corebridge has a score of 0.45, significantly below the industry average.
We also used AM Best, an industry-leading credit rating agency, to determine a company's financial health. AM Best ranks insurance providers from A++ (Superior) to F (not financially stable) to determine how well a company can meet its financial obligations.
Prudential received an A+ (Superior), and AIG received an A (Excellent). Both companies are financially stable. But Prudential is more likely to stay in business, especially in the face of a wide-scale recession or another significant event.
Price
We compared premiums from both insurance companies based on profiles of 35-year-old males and females (with a standard 20-year term length and a life insurance benefit of $500,000). Here is how the costs stack up:
AIG | Prudential | |
Male | $26.01 | $43.80 |
Female | $22.26 | $34.35 |
Source: Policygenius
User experience
AIG Corebridge
- Contact method: Email and phone
- Term lengths and coverage amounts available
- No quoting tool
Prudential
- Contact methods: Phone, email, online support center, live chat
- Term lengths and coverage amounts published
- Includes a quoting tool
Verdict
With Prudential, you may get marginally better customer service (though the number of complaints it receives is high). AIG Corebridge also offers better rates. It's also important to consider other factors before buying a policy with either one.
AIG Corebridge has competitive prices for all ages and health classifications. However, Prudential may have the most affordable rate if you're a senior shopper. As you may have noticed, AIG's plans primarily focus on funeral costs and other limited death benefits.
Prudential offers more extensive plans designed for retirement planning, medical costs later in life, and other benefits specific to high-value life insurance plans. Particularly for young, healthy borrowers, the pricing on more extensive plans may be more manageable than expected.
Compare AIG vs. Banner Life
Customer service
JD Power did not rank
Financial strength
Banner Life received an A+ (Superior) for financial strength from AM Best, while AIG Corebridge received an A (Excellent). In addition, Banner Life's complaint index score is 0.35, significantly lower than the industry average. AIG Corebridge also received a good score of 0.45, having fewer complaints than the industry. In short, both companies are likely to be around to pay claims, whether it's you or your beneficiaries filing.
Price
We pulled pricing for 35-year-old males and females (with a standard 20-year term length and a life insurance benefit of $500,000).
AIG | Banner Life | |
Male | $26.01 | $26.80 |
Female | $22.26 | $23.04 |
Source: Policygenius
User Experience
Banner life
- No quoting tool (must contact insurance representative)
- Contact methods: phone, email, and online support
- Term lengths and life insurance benefits published
AIG Corebridge
- Contact method: Email and phone
- Term lengths and coverage amounts available
- No quoting tool
Verdict
Banner Life and AIG Corebridge are evenly matched in price and customer service. Both companies have term policies and lower-value plans. However, Banner has a shorter list of life insurance plans, including universal and term.
Banner Life has term lengths of up to 40 years, some of the highest seen in the industry. So, if you're looking for extended coverage for temporary life insurance, you may lean towards Banner Life.
However, AIG's guaranteed acceptance plan for senior buyers and permanent policy offering limits up to $2 million are more generous than current Banner Life offerings.
Compare AIG vs. Lincoln Financial
Customer service
While scores may be below the industry average, this customer satisfaction rating is still associated with positive experiences overall.
Reliability
AM Best graded Lincoln Financial and AIG an A (Excellent). Both companies are strong financially and likely to be around when future claims are filed.
Lincoln Financial has a low complaint index score of 0.30, and AIG Corebridge has a slightly higher complaint index score of 0.45. In both instances, scores indicate the companies pay claims as agreed upon in the policy documents.
Price
We priced plans for 35-year-old males and females (with a standard 20-year term length and a life insurance benefit of $500,000).
AIG | Lincoln Financial | |
Male | $26.01 | $32.49 |
Female | $22.26 | $27.43 |
Source: Policygenius
User experience
Lincoln Financial
- No quoting tool (must contact insurance representative)
- Contact methods: phone and email
- Term lengths and coverage amounts published
AIG Corebridge
- Contact method: Email and phone
- Term lengths and coverage amounts available
- No quoting tool
Verdict
Your chosen company may determine whether customer service or affordable rates are more important to you. Lincoln Financial offers slightly better customer service, and AIG Corebridge offers slightly better rates.
Something to consider is Lincoln Financial is friendly to recreational marijuana users. It also offers competitive rates. Most of AIG's plans center around funeral costs and other limited costs. Lincoln offers three universal life insurance plans for varying returns on your investment. It also provides more comprehensive policies designed for aggressive financial planning.
Methodology
A host of factors go into determining the quality of an insurance company. We used tools such as AM Best, the NAIC complaint index, and JD Power's annual life insurance survey to offer objective comparisons and reviews.
We look to independent review sites and other resources if the product does not have JD Power, AM Best, and other scores. Be sure to read our personal finance editorial standards for an in-depth breakdown of how we write our product reviews.
FAQs
What is AIG known for?
IS AIG a good company?
AIG is a legitimate and reliable company. It has a low complaint index score from the NAIC and an A (Excellent) for financial stability, indicating bright economic prospects for the company. The company has only recently changed its life insurance arm to Corebridge Financial. But AIG has been an industry leader for decades.
Will AIG insure me if I have preexisting conditions?
Some health conditions make you uninsurable in the personal life insurance market. The only exceptions would be guaranteed policies, which are generally age-restricted for seniors. Unfortunately, these policies also have low payouts. If you have a preexisting condition, we recommend discussing your situation with a licensed life insurance agent.