Is AIG The Best Life Insurance Policy?
This is the ultimate review to guide you through the ins and outs of AIG life insurance. You might already know that AIG has several different contract options.
Some are great. Some are less useful. Some are simply too expensive.
So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.
Let’s dive right in!
Is AIG the best life insurance for you?
When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you.
AIG life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with AIG.
4 Safe overall rating for AIG
|Rating Criteria||Safe Rating||Our Review|
|Customer service satisfaction, claims and support|
Good rating of 4.1/5 on TrustPilot
Whole life cover is provided
|Value for money|
AIG has flexible cover options which can easily suit individual needs
AIG was first founded and has been in operation since in 1919
|Apps and technologies|
Quotations can be gotten online
Expert and customer satisfaction reviews for AIG
|Review organisation||Consumer satisfaction rates for AIG Life insurance|
|Trustpilot||4,1/5 based on 49 reviews|
AIG insurance in a nutshell
In summary, here are the main features you need to know when taking out life insurance with AIG.
|Minimum age||17 years|
|Maximum age||86 years|
|Life insurance with free gifts||No|
What are AIG life insurance policy types?
When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between:
- Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option.
- Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage.
What is AIG term life insurance?
There are two term life insurance options:
- Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs.
- Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
|Criteria||AIG life insurance|
|Minimum term||2 years|
|Maximum term||70 years|
|Minimum monthly premium||Not stated|
|Extras or any interesting facts|
Should you take level or decreasing term life insurance?
AIG offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.
|AIG term life insurance (level)|
|AIG decreasing term life insurance, also known as life insurance for mortgage|
Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.
AIG life insurance propose increase life cover:
- This is only applicable to policyholders that are 55 years old or younger
- Every year on the day that the insurance policy was taken out, the insurance amount to be paid increases with regards to the Retail Prices Index, up to a maximum annual increase of 10%.
Should you take AIG whole life insurance?
The Whole of Life insurance is cover provided by AIG is tailored to last for the duration of the policyholder's life. This means that there is no expiry date to this policy and in the case that a claim needs to be taken out, the pay would be provided easily.
|Whole life insurance||AIG whole life insurance details|
|AIG whole life insurance|
Can you take out a AIG plan life insurance with someone else?
Yes, you can either have a single or a joint policy at AIG.
Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner.
Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level.
What are AIG life insurance extras?
You can add these extras at additional cost to your AIG life insurance:
AIG provides a Best Doctor service that is completely covered by the insurance policy. In the case that the policyholder is diagnosed with a serious illness, this service can be used to get a second opinion from a medical expert. The service can be used for up to 3 years after the policy has ended.
|Total Permanent Disability|
In the case that the policyholder has been permanently disabled as a result of an accident and is unable to work again, financial support will be provided with your cover paid out at once.
|Waiver of Premium|
With the Waiver of Premium benefit that AIG offers, your insurance premiums will be paid on your behalf if you can't work due to illness or injury.
A sum of up to £10,000 of your valid claim is paid in advance towards the cost of a funeral.
|Accidental Death Benefit|
The policyholder is entitled to a sum of £500,000 in the case that he/she dies accidentally while in the process of taking out a Life Insurance policy with AIG and waiting to have his/her policy underwritten.
Should you take out AIG life insurance critical illness cover?
What is critical illness cover?
It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away.
Is AIG the best critical illness cover?
Here are the main features when you take out AIG life insurance with serious illness:
|Criteria||Overall life insurance and critical illness cover|
The Life and Critical illness cover that AIG provides offers the following:
|What should you know about AIG critical illness cover?|
How much is AIG life insurance?
The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:
However, your life insurance price will also depend on several factors:
- Your medical conditions
- Whether or not you are a smoker
- Which add-ons you add to your life insurance
- Your salary
- The coverage you want
- Whether you take out a joint policy or not
So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection?
How to contact AIG life insurance?
Here are all the important phone numbers for contacting AIG life insurance:
|Service||Phone Numbers||Opening Hours|
|Get a quote at AIG||0345 600 6820||Monday to Thursday from 9:00am - 6:00pm|
Friday 9.00am - 5:30pm
|How to claim at AIG||0345 600 6815||Monday to Thursday from 9:00am - 6:00pm|
Friday 9.00am - 5:30pm
|How to cancel at AIG|
0345 600 6820
|Monday to Thursday from 9:00am - 6:00pm |
Friday 9.00am - 5:30pm
What are AIG general contact details?
You will find in this table all the general contacts that you would need if you want to reach AIG life insurance:
Beech House, 35 London Road
How to claim at AIG life insurance?
You will find on this table the different possibilities for reporting a claim on your AIG life insurance:
|How to claim on your life insurance at AIG?|
|When to claim?|
As soon as possible
|Claim by mail|
|Claim by email||[email protected]|
|Claim by phone||0345 600 6815|
Here are all the important AIG life insurance contact number!
How to cancel my AIG life insurance?
You will find on this table the different ways to cancel your AIG life insurance:
|How to cancel your life insurance at AIG|
|Cancel by mail|
Customer Services Team,
|Cancel by email|
|Cancel online||Not available|
|Cancel by phone|
0345 600 6820
How do I get AIG life insurance quotes?
Here are the different ways to get a life insurance quote at AIG:
|How to get a life insurance quote at AIG|
|Quote phone||0345 600 6820|
How do I log into AIG life insurance?
Go to the AIG website, and on the Home Page, click on “Login” option, select your desired option and enter your account details
Do we recommend AIG life insurance?
AIG was founded in 1919 and offers a wide range of insurance services in more than 80 countries. However, in the UK, the focal point of AIG is the life insurance service. They offer a wide range of services ranging from critical illness cover, over-50s cover, term insurance (level, increasing and decreasing) and whole of life insurance. They have high ratings on both Defaqto and TrustPilot and their effectiveness in terms of customer service was recorded from third party review websites.
The bad side of the insurance policies that AIG offers is that they are only available and can be gotten through a financial adviser that means that you cannot buy directly from AIG. This makes the process a bit tedious. However, asides from that, the insurance company is highly recommended.
Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out a whole life insurance policy.
Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover.
Lots of life insurance providers offer free gifts:
- Royal London
- Legal & General
- Shepherds Friendly
- British Seniors Insurance Agency
There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you.
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.