AIG Guaranteed Issue Life Insurance Reviewed
If you are considering purchasing AIG guaranteed issue life insurance policies, you have landed in a good place. This review will briefly address the company’s history, financial ratings and offerings, underwriting niches, pricing, and alternatives.
The reason that we only gave 2.5 stars to the AIG guaranteed issue policy has nothing to do with AIG. In fact this is the very best guaranteed issue policy available on the market. However, we are loathe to give more stars to a policy that is only to be offered as a last resort.
AIG Guaranteed Issue Whole Life Insurance Details
AIG burial insurance coverage is a guaranteed issue whole life insurance plan, designed to cover funeral or burial expenses. No health questionnaires or medical underwriting is required.
Acceptance is guaranteed.
As it is a whole life policy, its workings are quite straightforward:
- It can’t be canceled unless premiums aren’t paid
- Premium amounts never increase
- The policy does not expire, regardless of your age
- Coverage amounts never decrease
Features of AIG Burial Insurance Policy
AIG burial insurance policies do have limits to the coverage amounts you can purchase, and is dependent on the location where it is sold.
- Issue Ages: Between 50-85
- States Offered: 50 States and DC. However, NY is not covered
- Listed Face Amounts: Between $5000-$25000
- Waiting Period: 2 Years
- How To Purchase: Via independent agencies or via AIG Direct (Prices remain the same irrespective of where you buy the policy from)
Since this policy comes with guaranteed acceptance, the plan requires a waiting period of 2 years to elapse before death benefits are paid out by the company.
Every guaranteed issue burial insurance policy, regardless of which company it is procured from, has a waiting period of 2 years at the very least.
If you pass away during the 1st two years, the company will pay out all premiums paid so far along with a 10% interest component. After 2 years have elapsed, full face amounts will be paid out by the company, irrespective of the cause of death.
Accidental deaths are exempted from the waiting period of 2 years. If your death occurs due to a legit accident, no matter what it was, the complete listed amount will be paid out to your beneficiaries, even when this accidental death takes place during the 1st two years.
Living Benefits of AIG Burial Insurance
AIG Guaranteed Life Insurance happens to be the sole guaranteed issue burial insurance carrier, which offers several living benefits via their policies.
(Note that this policy benefit varies from state to state)
At no additional costs, include 2 riders with your policies. These include:
- Terminal Illness Riders: Those diagnosed with terminal illnesses and declared by competent doctors to have less than 2 years to live can avail around 50% of death benefits early. This rider’s available only when the waiting period of 2 years is over.
- Chronic Illness Rider: In case the insured party becomes afflicted by a chronic illness, a lump sum payment may be made. However, it must be evident that he/she cannot perform at least two out of six daily living activities.
No other carrier currently offers living benefits on a guaranteed issue product.
Guaranteed Issue Whole Life Insurance Rates From AIG
These are examples of guaranteed issue life insurance rates from AIG
When Is It A Great Idea To Purchase This Policy From AIG?
Almost never. Even though AIG has the best priced and featured guaranteed issue plan on the market, you can almost always find a better deal than a guaranteed issue policy. However, there’s only a limited number of situations where AIG guaranteed policies are likely to be your best options.
Those with the following issues will find AIG to be their best bet. Sign up immediately if you suffer from these problems:
- Have undergone amputation as a result of diabetes in the past 2 years
- Suffered from congestive heart failure along with diabetes
- Circulatory or Heart surgery in the past 12 months
- Terminal Illness diagnosis, with life expectancy at 2 years or less
- If you’ve undergone cancer treatment during the past 2 years
- Heart attack in the past one year
- Diabetic coma or insulin shock in the past 2 years
- AIDS or HIV
- A full blown episode of stroke in the past 1 year
- Needs or was advised to obtain an organ transplantation
- Dementia or Alzheimer’s or any such memory issues
- Currently living in a medical facility, hospital, hospice care or nursing home.
If you do not have these health issues, there it is extremely unlikely that AIG GI is the right choice for you.
AIG is an acronym for American General Life Insurance Company. Since their inception in 1888, they’ve been issuing many insurance policies for more than one hundred years.
Currently operating in every American state including DC, their operations extend to over eighty jurisdictions and countries.
They have an A+ rating awarded by A.M. Best.
- Website: www.aig.com
Your Next Step
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