AIG, otherwise known as American International Group was established in 1919 and operates throughout the world. In 2014, AIG’s life insurance arm AIG Life was created through AIG’s purchase of Ageas Protect from the Ageas Group.
This insurer offers a range of insurance products for businesses and private individuals.
AIG is award-winning. Indeed, they have won several awards, including “Best Critical Illness Provider” award in 2017 from Moneyfacts, as well as First Complete’s “Best Service” award that same year.
How Financially Strong is AIG?
Without doubt, AIG is a key player in the marketplace. Over the last 5 years, internationally, this insurer has paid out more than $40 billion in claims and benefits.
In 2017, AIG’s global revenues exceeded $49.5 billion. It has an A+ rating from Standard and Poor’s
Life Insurance from AIG. Your At-A-Glance Guide
AIG offers a flexible range of life insurance products.
- This insurer offers family life benefit as an option, which divides your benefit payments into monthly pay out amounts. This means that benefits could be provided on a long-term basis rather than as a lump sum, if you so choose.
- Life Start Assurance will give you access to cheaper premiums when the policy starts. These low premiums will increase by 3.6% each year, but you can choose to switch to level premiums when or if you choose.
- AIG operates using full medical underwriting. You will have to make a full disclosure of any health conditions. However, right from the start, you will know what you are covered for – and what’s not included, too.
- With AIG you can take out joint policies on behalf of other people when considering life insurance; this means that the joint policy is not just limited to your spouse.
- With AIG, you have a range of decreasing life insurance options (payments over a fixed period of time, with decreasing pay out levels over the length of the policy). You may choose variously from 5% up to 15% but not all percentages are covered, so refer to Black Lion Insurance for more information. With this option, you’ll be able to match your life insurance to the interest on your mortgage.
- There is no indexation to AIG’s life insurance. However, AIG offers increasing cover, where your payments will increase by 5% of your current payments every year. Premiums for this are reviewable and will be increased by a higher percentage than your cover.
- AIG offers a Best Doctors service, enabling you to benefit from guidance and advice from medical experts, even up to 3 years after you make a claim.
- 80 critical illnesses are covered under AIG’s critical illness insurance, with 30 conditions considered “additional payments”. Critical illness cover has a maximum cease age of 85 years.
- If you wish to increase your life cover, you must be no older than 55 years (maximum age). You may need to take out a new policy if you are older than 55.
- Definitions of incapacity will be agreed when you apply for your policy. They will depend on whether you are working and what your job is.
Overview of Key Policy Details – AIG
|Level Term, Decreasing Term, Family Life Benefit
|Single, Joint Life First Event, Life of Another, Joint Life of Another
|Full medical underwriting. You’ll know where you stand right at the start.
|Terminal Illness Cover
|Critical Illness Cover
|Number of Critical Illnesses Covered
|80 (30 conditions entitle you to part of your benefit. 7 are specific to children)
|Children’s Critical Illness Cover
|Yes, up until 22 years
|No (see note above)
|Waiver of premium
|Optional (AIG will waive your premiums if you are incapacitated for more than 26 weeks)
|Minimum Life Cover Term
|1 year (life only), 5 years (life & critical illness)
|Minimum Entry Age
|Maximum Entry Age
|86 (76 for critical illness cover)
Increase in your mortgage
Career change or increase in salary
Entering into or terminating civil partnership or marriage
Birth or adoption of a child
|Self-inflicted injury, suicide within 12 months of the start of the policy.
More Jargon-Free Information About AIG from Black Lion Insurance
As you can see, there are many things to think about regarding life insurance cover from AIG.
You may not have the time (or the energy) to do in depth research on all the key life insurance players. With Black Lion Insurance, you don’t have to. We’ll do everything for you. As whole of market insurance consultants, we think we’ll be able to recommend THE perfect policy for you based on the information that you provide us with.
Our team has access to a wide range of high-profile providers and given that we set up policies every day, we really know our stuff.
Life insurance can be complicated – or at least, that’s what it seems. There are quite a few “technical terms” within this sector, so don’t struggle on your own if you’re not sure what “sum assured” or “maturity age” means.
Talk to the experts at Black Lion. We’re a family-established business and we feel strongly that as a team, we’re here to help you learn what it all means in, simple definitions; or, as simple as we can make it.
We want to make things easy for you. Give us a call on 0203 011 00 22 if you need further information or help from us.
Additional Benefits and Services from AIG
- Any benefits paid out by AIG will not be subject to tax. However, it may be subject to inheritance tax. Also, if claimants are not within the UK, it could be affected by local taxation. You may want to have your policy written into a trust in order to avoid some taxation. AIG are rare in that they offer an electronic online trust application service, so you can set everything up without extra paperwork.
- Best Doctors. You’ll be able to get a second opinion if you are diagnosed with a serious illness, plus recommendations for treatment. This service is available up to three years after you have received your benefit and the policy has ended.
- Accidental Death Benefit. A pay out of up to £500,000 if you die accidentally while you are in the process of taking out your life insurance cover with AIG.
- Total Permanent Disability. An optional, additional premium that will allow you to claim if you are incapacitated for more than 26 weeks and it has been established that you are permanently incapacitated.
- Funeral Pledge. AIG will pledge to advance up to £10,000 towards your funeral should your family demonstrate that they will struggle to afford this.
- Claim Support Fund. AIG will pay out up to £300 to cover basic expenses while the life insurance claim is being processed.
- Winston’s Wish. AIG partner with this UK child bereavement charity. If you are diagnosed with a terminal illness or you die, AIG will ensure that your children benefit from the services and support from Winston’s Wish.
Do YOU need advice from Black Lion?
As with all insurance products, some providers may be more suitable for your needs than others. Life insurance is designed to offer a strong financial safety net to your family and loved ones if you die or develop a terminal illness. As you can see, there’s a lot to think about and AIG is one of a number of life insurers providers that we work with.
Are their policies right for you?
Black Lion Insurance will help you answer that question. We’ll present you with the relevant pros and cons of AIG based on the information that you give us. We’re a whole of market adviser and we’re totally impartial. Looking at all the policies on your behalf will make choosing the right life insurance so much easier, quicker and a whole lot less stressful.
If AIG is the best provider for you, we’ll recommend them. If not, we won’t.
Our aim is to educate, guide and advise rather than sell.
So, don’t trawl the internet for hours looking for your best life insurance policy. You may not find it. Also, bear in mind that we can negotiate with our providers and may be able to offer you a better deal.
And don’t forget…
Enjoy 3 Months' FREE cover
Fill in the form on this page with the code BL3MF to qualify for THREE MONTHS’ FREE COVER when you set up your Life Insurance policy with us.
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Part of Halo Consulting, Black Lion Insurance are a dedicated team of insurance consultants with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.