AIG Income Protection Insurance Review
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AIG Income Protection – Introduction
Overview
In April 2024 Aviva plc announced that it had received all the necessary regulatory approvals and completed the acquisition of AIG Life Limited. Having conducted a review of products, Aviva has now closed AIG Life products to new business. Existing AIG Life policyholders can find out more at www.aviva.co.uk/help-and-support/.
Contact Details
Website: www.aiglife.co.uk Income Protection Claims Line: 0345 600 6815 Email Claims: [email protected] Address: The AIG Building, 58 Fenchurch Street, London EC3M 4AB FCA Register: https://register.fca.org.ukAIG Life Customer Reviews
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AIG Life’s UK arm use Trustpilot to collect reviews from both verified and unverified customers. To date they have a total of 188 reviews of which 50% have provided a 5 star rating and 42% a 1 star rating. At the time of writing AIG have received 42 reviews in the last 12 months. Read AIG Life Trustpilot Reviews2022 Payouts
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According to industry press coverage, AIG paid out over £2 million in income protection claims in 2023. In total 110 customers received help with 88% of claims approved.Industry Awards
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AIG Life have a 5* Defaqto ratings for its YourLife Income Protection Policy. In 2023 they were highly commended by Cover magazine in the Outstanding Promotion of Protection category and nominated for 4 awards in the Protection Review Awards.AIG YourLife Income Protection Plans
AIG’s YourLife Income Protection plan offered either a 24 month benefit period or long-term cover up until retirement age. AIG’s policies had additional benefits that could be claimed such as death, terminal illness, trauma and spouse and child cover. AIG provided cover for individuals with type 2 diabetes and had an easy to follow application process.
The information below provides an overview of the AIG YourLife policy for reference purposes only. It is not intended to provide advice on the suitability of any particular policy for the reader. For a free consultation and full market review speak with Black Lion Insurance today or request an AIG Income Protection Quote Online.
Monthly Benefit and Maximum Cover
Policyholders can cover a maximum of up to 60% pre tax annual income for the initial £30,000 covered. Then a maximum of up to 55% between £30,000 and £100,000 and up to 45% of any pre tax annual income that exceeds £100,000. The monthly benefit cannot exceed £20,833. Any income received through state benefits will not affect what AIG pay.
Incapacity Levels
AIG uses 3 different levels of incapacity. Own Occupation: Policyholder can no longer undertake essential / integral duties of their job that can not reasonably be modified or omitted. Suited Occupation: Policyholder is totally incapable of completing essential duties of an occupation that takes into account their employment history, transferable skills, training, education and experience. Work Tasks: Policyholder is unable to carry out at least 3 of 6 daily activities people need to do in everyday life.
Medical Exclusions
Exclusions can be applied as a result of the health information provided before the start of the policy. Notably AIG will even offer cover for people with type 2 diabetes.
Deferred Period
Deferred period options 4 weeks, 8 weeks, 13 weeks, 26 weeks, 52 weeks. If the policyholder returns to work after receiving the monthly benefit and subsequently has to then make another claim within 26 weeks there is no deferred period provided that the cause for the new claim is the as that of the the original claim and the policyholder informs AIG within 2 weeks of having to stop work again.
Benefit Period
AIG use the terminology “Full Payment Term” for policies which provide long-term protection and will pay the policyholder the monthly benefit for as long as they are unable to work or the duration of their policy comes to an end. Policies with a “Limited Payment Term” provide a maximum of 24 months benefit for an individual claim.
Policy Duration
The minimum “Term of Cover” is 5 years and the maximum is up to the policyholder’s 70th birthday.Minimum Eligible Criteria
To apply for AIG’s Income Protection applicants must at least meet the following criteria:- Employed, self-employed or a homemaker
- Aged between 17 and 54 years old at the start of the policy
- Residents of the UK, Channel Islands, Isle of Man or Gibraltar
Additional Policy Features
Online GP
Free of charge for policyholder, partner and any children up to the age of 21. Unlimited access to online, telephone and video consultations with UK-registered GPs able to issue prescriptions and make referrals to see a specialist.
Spouse and Child Cover
AIG will pay the monthly benefit or £1,500 per month (whichever is lower) for a maximum of 12 months in the event that the policyholder’s spouse / civil partner or child suffers from an illness or injury which incapacitates them for more than 3 months. The incapacity definition of “Work Tasks” (mentioned above) is used when evaluating any claim.
Death Benefit
If the policyholder dies during the Term of Cover, AIG will pay a lump sum of £10,000.
Terminal Illness Benefit
If the policyholder is incapacitated and diagnosed with an illness which can not be cured and life expectancy is less than 12 months a lump sum payment equivalent to 12 months benefit will be made.
Trauma Benefit
Trauma Benefit pays a lump sum equal to 6 months benefit up to a maximum of £50,000. It covers the policyholder if they suffer from debilitating permanent health issues such as blindness, deafness, loss of hands or feet, loss of independence, loss of speech and paralysis of limbs.
Hospitalisation Benefit
If the policyholder endures a stay in hospital beyond 6 consecutive nights the policy will pay a Hospitalisation Benefit of £100 per night up to a maximum of 90 days. This is paid in addition to any other benefit.
Rehabilitation
If the policyholder is incapacitated AIG may cover the cost of services that could improve their health and help them to return to work quicker. For example, physiotherapy sessions may be approved depending on the situation.
Travelling Abroad
Cover is only valid if policyholders are resident in an eligible country* when they become incapacitated. If the policyholder is travelling in a country not included in the eligible list when they become incapacitated they must return to an eligible country before the end of their policy’s deferred period. Policyholders must return to the UK, Channel Islands, Isle of Man or Gibraltar within 26 weeks of becoming incapacitated to continue receiving the monthly benefit.*In Europe these include: Austria, Belgium, Channel Islands, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden & Switzerland. Outside of Europe the territories are Australia, Canada, Hong Kong, Japan, New Zealand and USA.
