You’ve probably come to this site because you’re thinking of purchasing an AIG Life Insurance policy, either for yourself as a senior or for someone else, such as your parents.
This article is for you if you want a fair and impartial review of how AIG Life Insurance works and what “fine print” you should be aware of.
I’ll go through the details of the AIG senior life insurance plan so you can determine if it’s a suitable fit for your life insurance needs.
Let’s get this game started!
Who is AIG, and what does it stand for?
American International Group (AIG) is one of the world’s largest life insurance firms founded in 1995. The company’s headquarters are in New York, New York.
American General Life Insurance Company (AGL) and The United States Life Insurance Company (US Life) in New York City issue AIG life insurance policies.
Term life insurance, quality of life insurance, permanent life insurance, universal life insurance, and whole life insurance are all available from AIG.
How does the AIG senior life insurance plan work?
Guaranteed Issue Whole Life Insurance or Guaranteed Acceptance is a product offered by AIG. Whole life insurance is tailored to seniors aged 50 to 80 years old.
This insurance is ideal for those who require a lower quantity of coverage. This sum is sufficient to pay for last expenses such as burial and other end-of-life fees, medical bills, and credit card obligations.
What kind of coverage do you have access to?
Typically, the coverage varies from $5,000 to $25,000.
What are premiums, and how do they work?
The rates for AIG’s Guaranteed Issue Whole Life Insurance plans are fixed and will not increase as long as the payments are paid.
AIG’s life insurance plan for seniors provides lifelong protection for the rest of their lives.
Are there any concerns about your health? Do you have a test to take?
Regardless of your age or health, you may be eligible for Guaranteed Issue Whole Life Insurance.
There is no need to have a medical test or answer health-related questions while applying because you cannot be denied for medical reasons.
What’s the Deal With “Fine Print?”
Before buying Guaranteed Issue Whole Life Insurance, make sure you understand all of the product’s specifics and read the fine print. Here are some things to remember:
- You must submit your social security number to buy this insurance.
- The insured must be the policy’s owner, although the payor might be someone other than the insured.
- You have a 30-day free look period during which you can cancel the coverage without incurring any charges.
- A $24 yearly policy charge is required.
- Replacements and conversions of policies are not permitted.
- You can only buy one insurance in 12 months for a maximum of $25,000 in coverage.
- The Worst Fine Print: AIG’s guaranteed death benefit is assessed, implying that your full death benefit will be unavailable for the first two years of your contract.
If the cause of death is not accidental, the death benefit amount is lowered for the first two years.
During this time, the reimbursement for death caused by suicide or other non-accidental reasons is restricted to 110 percent of the premiums paid up to that point. Following that, you’ll be qualified for full insurance coverage.
Bottom line
While AIG will sell life insurance to seniors on a guaranteed basis, you will NOT receive first-day, full death benefit coverage, regardless of your condition.
What exactly is the issue here?
Because, even if you have a history of health problems, there are life insurance products for seniors that may cover your whole death benefit.
The advantages of AIG’s senior plan
Here’s a summary of the benefits of an AIG life insurance policy for a senior:
- Guaranteed Availability Seniors between 50 and 80 are eligible for whole life insurance plans.
- Acceptance is assured, and all candidates, regardless of age or health status, are eligible.
- Benefits that are generally only offered in more expensive plans are included in the assured issue.
- The application and approval procedures are both straightforward and rapid.
- The wait is brief, and most applications are processed in 15 minutes or less.
- Guaranteed Availability Whole life insurance is a type of coverage that lasts for the rest of your life. As long as you pay your payments, the insurance will last the rest of your life and never expire.
- Living benefits like chronic and terminal disease benefits are offered at no additional cost.
- You may add a rider to your life insurance policy, such as an expedited death benefit. You can get a portion of your death benefit sooner if you suffer from a qualifying disease. If your doctor determines you have less than 24 months to live, you can get half of the death benefit.
The disadvantages of AIG’s senior plan
Finally, consider the following disadvantages before acquiring an AIG Guaranteed Acceptance burial insurance policy:
- The cost of AIG Guaranteed Issue Whole Life Insurance is higher than other life insurance forms, and this implies that for the same level of coverage, your rates will be greater. In other words, you may be eligible for lower-cost coverage elsewhere.
- This sort of life insurance is appropriate for seniors who would otherwise be uninsurable owing to their age or health. Even with a history of health difficulties, most of our older customers qualify for a life insurance plan that can provide first-day full coverage.
- The website of AIG Life Insurance provides just a limited amount of information on their senior plan. They give links to pamphlets that allow you to read the fine print, but getting to these papers isn’t always straightforward. Speaking with an agent is strongly advised if you’re interested in the AIG senior plan. If you qualify, we at Buy Life Insurance For Burial can assist you in obtaining an AIG Guaranteed Issue Whole Life plan or another form of coverage.
- For their senior plan, AIG does not provide online quotations. For an agent to contact you, you must include your email address and phone number. We have instant access to AIG Senior Plan quotations and can provide them in seconds.
Why Should You Get A Second Opinion?
The guaranteed issue by AIG Whole life insurance may be appropriate for persons who desire the security of permanent life insurance but cannot qualify for other permanent life insurance policies due to health issues.
This option is appropriate if you are between the ages of 50 and 80, are in poor health, and require life insurance to cover projected end-of-life expenses.
But there’s a catch…
Most of our elderly clients at Buy Life Insurance For Burial are eligible for a better program than AIG’s Guaranteed Issue policy.
In most situations, this translates to a lower price and a higher level of coverage.
Look. Do you have no idea when your last day on Earth will be?
So why take a chance on coverage that doesn’t fully cover you when you may be eligible for something that does?