When it comes to life insurance, AIG offers a variety of options to meet the needs of individuals at different stages of life. One popular choice is AIG’s term life insurance, which provides coverage for a specified period of time, typically 10, 20, or 30 years. AIG’s term life insurance policies have a minimum face value of $50,000, but you can purchase up to $10 million in coverage if approved.
One of the key benefits of AIG’s term life insurance is the flexibility it offers. Term policies have level premiums throughout the life of the policy, meaning you pay the same amount each year. You can renew your policy annually after the initial term, but keep in mind that the premiums will increase after each renewal. However, you can renew your policy until you turn 95, providing you with coverage for a significant portion of your life.
A unique feature of AIG’s term insurance is the ability to ladder life insurance policies. Laddering allows you to customize your coverage to meet your financial needs at different stages of life. By combining multiple policies with varying terms and amounts, you can ensure that you have the right amount of coverage when you need it most.
Another advantage of AIG’s term life insurance is the option to convert your policy to a whole or universal life insurance policy. This can be particularly beneficial if you are faced with a situation or illness that makes it difficult to find affordable permanent coverage. AIG does not require you to demonstrate insurability before converting to a permanent life insurance policy, making the process seamless and convenient.
For those looking for additional benefits, AIG offers a return of premium variation on its Select-a-Term policy. This option is available to those under 55 and allows you to receive a refund of all premiums paid if you surrender your policy. While the cost of a return of premium policy is typically higher than a standard policy, the added flexibility and peace of mind may be worth it for some individuals.
In addition to these features, AIG’s term life insurance policies can be customized with riders to enhance coverage in specific situations. Riders such as the Accidental Death Benefit, Child rider, Terminal Illness, and Waiver of Premium rider provide additional protection and peace of mind for policyholders and their families.
In addition to term life insurance, AIG also offers permanent life insurance options, such as whole life and universal life policies. Whole life insurance provides coverage for the policyholder’s entire life as long as premiums are paid, and also includes a cash value component that can be borrowed against in some cases.
AIG’s whole life and universal life policies offer a range of options to meet the needs of individuals at different stages of life. Whether you are looking for burial insurance, indexed universal life coverage, or variable universal life insurance, AIG has a policy to suit your needs.
Overall, AIG’s term life insurance and permanent life insurance options provide individuals with the flexibility, customization, and peace of mind they need to protect themselves and their loved ones. With a range of coverage amounts, policy terms, and riders to choose from, AIG makes it easy to find the right life insurance policy for your unique situation.