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AIG Life Insurance Review

aig life insurance reviews

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

Life insurance is the best way to protect your family from financial hardship in the event of a disaster, and AIG is a name that people trust with a full slate of life insurance products.

Still, it’s best to compare life insurance companies and policies to decide which is right for you.

In this review, we’ll discuss the pros and cons of AIG Life Insurance and compare policy options for 2023.

Is AIG Good Life Insurance?

AIG, American International Group, is one of the top life insurance companies in the world.

Founded in 1919, the company has grown to nearly 50,000 employees and does business in over 80 countries worldwide.

Pros & Cons

AIG serves as one of the most recognized insurance brands with total assets of over $500 billion. As with any company, clients have reported both good and bad experiences with AIG.

First, let’s take a look at some of the pros and cons of AIG life insurance:


  • Offers policies without a medical exam
  • Policies with no waiting period
  • Financially sound company


  • Poor customer service
  • A large number of customer complaints

Financial Ratings

AIG is a company with considerable financial strength that can meet its obligations.

  • Fitch: A+
  • Standard & Poor’s: A+
  • Moody’s: A2
  • A.M. Best: A

While AIG is not Better Business Bureau accredited, it does respond to complaints made there.

Life Insurance Products

The company offers a full range of life insurance policies, including term, whole, and universal life insurance.

AIG Term Life Insurance

AIG Life Insurance offers 18 different terms for consumers to purchase term life insurance.


You can purchase insurance for a term of:

  • 10 years
  • 15 through 30 years
  • 35 years

Plus, AIG allows policyholders to convert their policy into permanent life insurance before the end of the level-premium period or age 70, whichever comes first.

For AIG’s Select-a-Term life insurance, four unique riders can be added to the policy:

Quality of Life Flex Term

The Quality of Life Flex Term Life Insurance is similar to Select-a-Term.

However, the difference is it allows for early access to your policy’s value in the event of a critical, chronic, or terminal illness.

AIG Guaranteed Issue Whole Life Insurance

AIG only offers one type of whole life insurance, Guaranteed Issue Whole Life Insurance. This policy does not require a medical exam.

The maximum coverage is $25,000. If you pass away within the first two years of the policy, your beneficiaries receive all of the premiums paid, plus an additional 10%.

AIG Universal Life Insurance

AIG provides three different types of universal life insurance: indexed, guaranteed, and variable.

Indexed Universal Life Insurance

Value+ Protector and Max Accumulator+ represent the two varieties of IUL policy available.

Both policies provide permanent coverage where the paid premiums contribute to the cash value.

Both add interest based on the stock market index’s performance. Or, policyholders can also opt for a low, fixed interest rate.

Guaranteed Universal Life Insurance

This AIG life insurance policy is guaranteed not to lapse as long as you make the premium payments.

Also, you’ll enjoy a guaranteed fixed interest rate of 2%.

You can improve your guaranteed universal life insurance policy with several available riders.

Variable Universal Life Insurance

AIG’s Variable Universal Life Insurance is similar to the indexed policies. They both accrue interest based on the performance of the stock market.

But, there is one major difference.

The variable policy has no ceiling and no floor when it comes to the amount of interest that can be added or deducted from your policy.

The indexed policy has a ceiling of 10% and a floor of 0%.

AIG Life Insurance Riders

AIG Life Insurance offers several riders to supplement and enhance your base policy.

Waiver of Monthly Deduction Rider

This rider allows policyholders to waive monthly deductions if he/she is totally disabled for six months or more.

Waiver of Premium Rider

Like the Waiver of Monthly Deduction Rider, this rider allows insureds to waive premiums if completely disabled for six months or more.

However, those who become totally disabled after 60 will only receive the benefit for one year or until they reach 65, whichever is sooner.

Accelerated Death Benefit Rider

This rider is available to those individuals who have purchased an AIG Quality of Life policy.

The accelerated death benefit can assist insureds by covering lost income and health care costs if diagnosed with a critical, chronic, or terminal illness.

Enhanced Surrender Value Rider

The Enhanced Surrender Value Rider allows policyholders to surrender their policy after 20 years for 50% of the premiums paid up to that point.

You can also wait until the 25th year and receive 100% of the premiums paid or 40% of the face value, whichever is lower.

Accidental Death Benefit Rider

In the event of a death caused by an accident, the Accidental Death Benefit Rider provides up to $250,000 or the face value of the policy’s face value, whichever is smaller.

Unfortunately, this coverage becomes unavailable once an insured reaches a maximum age limit.

Lifestyle Income Solution Rider

When a policyholder turns 85 years of age, they can withdraw up to 10% of the policy’s death benefit per year.

Child Rider

This rider allows you to purchase up to $25,000 of coverage for a child between the ages of 15 days and 18 years old.

However, it expires when the child turns 25-years-old, or the policyholder turns 65-years-old, whichever is sooner.

Income for Life Rider

Available only for select plans, the Income for Life Rider allows policyholders to convert the cash value into a regular income stream.

Terminal Illness Rider

The Terminal Illness Rider permits policyholders to access death benefits if they have received a doctor’s diagnosis of two or fewer years to live.

Eligibility and Application Process

Depending on the type of insurance purchased, AIG welcomes all consumers between the ages of 20 and 80.

One benefit of AIG is that it offers some forms of life insurance without a medical exam.

However, the application process is still arduous and requires the help of an agent.

With AIG, you can easily purchase life insurance online.

Use the quote tool to compare AIG rates to other top providers online.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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