Matrix Direct was created for people seeking a better – and more simple – way to secure life insurance coverage.
Today, Matrix Direct is owned and operated by AIG Direct – a wholly-owned subsidiary of American General Life Insurance Company.
Life insurance can be highly beneficial, but not all policies – or insurance carriers – are alike. Find out everything you need to know about Matrix Direct in this review.
In this review:
Is Matrix Direct the Best Insurance for You?
Matrix Direct is owned by AIG Direct who has helped more than six million people find and secure life insurance coverage.
The company has helped to save time for customers by eliminating the need for clients to meet in person with a life insurance agent.
AIG Direct represents a number of top-rated life insurers, including:
- Voya Financial
- Gerber Life Insurance Company
- Fidelity Life
- Globe Life
- Legal and General
- Mutual of Omaha
- American General Life Insurance Company
While some of the life insurance plans offered through Matrix Direct require traditional underwriting, others will not require a medical exam.
Matrix Direct Company Ratings & Customer Reviews
Because Matrix Direct is not itself an insurance company, it is not rated by agencies such as A.M. Best Company, Moody’s, Fitch Ratings, or Standard & Poor’s.
However, each of the life insurance companies that are represented has been rated A- to A+ by A.M. Best for its financial strength. This means that these insurers have earned one of the three highest ratings out of 15 possible total.
These ratings include the following:
- American General Life Insurance Company = A
- Gerber Life Insurance Company = A
- Fidelity Life Association, A Legal Reserve Life Insurance Company = A-
- Globe Life and Accident Insurance Company = A+
- Prudential Life Insurance Companies = A+
- Transamerica Life Insurance Companies = A+
- Legal & General America, Banner Life Insurance Company = A+
- Mutual of Omaha Insurance Company = A+
AIG Direct Insurance Services, Inc., the owner of Matrix Direct, has been an accredited member of the Better Business Bureau since September 4, 2009. And, the Better Business Bureau has given AIG Direct a grade of A+.
In the past three years, Matrix Direct has closed out a total of six customer complaints. One of these complaints has been closed out within the past 12 months.
Of the total six complaints:
- 2 were advertising and/or sales issues
- 2 focused on warranty issues
- 1 was related to billing and/or collection issues
- 1 was with products and/or services
Life Insurance Products
Matrix Direct, now AIG Direct, offers quite a few insurance products, including term and permanent plan options.
Term Life Insurance
Term life insurance provides a death benefit protection only. Because of that, a term life insurance policy can frequently be cheaper than a comparable permanent policy.
This is especially true if the applicant for coverage is young and in good health at the time of application.
Term life insurance is offered for a set amount of time, or “term.” These terms can be five years, ten years, fifteen years, twenty years, and even thirty years. There is also an option for one-year renewable term life insurance coverage.
Because Matrix Direct works with so many life insurance carriers, customers are able to search through a wide array of term life insurance coverage options.
These products include:
Renewable Term Life Insurance
A renewable term life insurance policy will typically stay in force for between one and five years, after which the policy can be renewed without a medical exam or providing evidence of future insurability. Should the insured opt to renew his or her coverage, though, the new premium will be based on the insured’s current age and health condition.
Level Term Life Insurance
With level term life insurance, the amount of life insurance coverage, as well as the premium price, will remain level throughout the entire term of the policy. These policies may remain for a number of years, or they may last until the insured reaches a certain age, such as 65.
Convertible Term Life Insurance
A convertible term life insurance policy will provide the insured with the option of converting the coverage over into a permanent life insurance policy at or before a certain date. This can allow the insured to lock into a policy that can remain in force for the remainder of his or her life (provided that the premium is paid).
It can, however, also result in the policyholder having to pay a higher amount of premium for the permanent coverage.
Return of Premium (ROP) Term Life Insurance
As its name suggests, a return of premium life insurance policy gives the policyholder the option of receiving back the premiums that he or she paid in if the insured survives through the entire term of the policy. (If the policy is canceled before the end of its stated term, however, premiums will not typically be returned.
Permanent Life Insurance
Matrix Direct also offers permanent life insurance coverage. A permanent policy will provide both death benefit protection and a cash value component where the money is allowed to grow and compound tax-deferred.
This can allow the funds within the cash value to increase exponentially over time.
Matrix offers several different types of permanent life insurance protection including:
Whole Life Insurance
Whole life insurance is the most basic type of permanent life insurance coverage.
With these policies, the death benefit and the premium amount are typically locked in and guaranteed not to change. This is the case even as the insured gets older, as well as if they develop a harmful health condition.
There are some types of whole life insurance policies that will pay the policyholder a dividend. This dividend (while not guaranteed), may be taken as cash, or alternatively, it can be used to purchase additional life insurance coverage.
Universal Life Insurance
Universal life insurance is another form of permanent life insurance protection.
A policyholder with a universal life policy may, within certain guidelines, alter the time and the amount of the premium payment to best fit their changing needs. The death benefit may also be adjusted.
Accidental Death Benefit
Matrix Direct also offers the option to purchase accidental death insurance. With an accidental death policy, a benefit will be paid out if the insured should die as the result of a covered accident.
These funds are in addition to other life insurance coverage that the insured may have.
In addition, these types of policies may also pay out a benefit if the insured is involved in an accident and he or she loses a limb, suffers blindness, and/or is paralyzed as a direct result of that accident.
This type of coverage does not require a medical examination to qualify, regardless of their current health condition.
Other Products and Services
Matrix Direct doesn’t just provide life insurance policies, there are other products and services offered as well including:
Disability Insurance Coverage
If an insured becomes disabled due to a covered illness or accident that renders him or her unable to work, disability insurance can provide income to them. This can help with paying for everyday living expenses so that savings do not have to be drained.
For those who have built up a large nest egg throughout their lives, a good estate plan can be an essential part of your overall financial plan in order to ensure that assets are distributed according to your wishes. Having life insurance within this type of plan can also help to ensure that funds are available for paying estate taxes that may be due.
Matrix Direct Insurance Rates
Because the selection of the right life insurance coverage can be somewhat difficult, Matrix Direct makes it easy to directly compare the policies and the premium rates from numerous different companies.
By doing so, it allows its customers to pick and choose the plan that best meets their needs, as well as their budget.
Matrix Direct does not charge any additional fees to customers for evaluating and/or purchasing life insurance coverage. Rather, the company earns its profits through the life insurance policies that it places.
Get the Best Life Insurance Rates Today
When you are looking for the best premium rate on life insurance coverage, it can be beneficial to work with a company that has access to numerous different insurance carriers and policies so that you can determine which will work the best for your specific needs.
Because we work with many top life insurers, we are able to provide you with all of the important information that you need.
If you would like to discuss life insurance options in more detail, we are also available to chat via phone. Call directly, toll-free, at 1-800-712-8519.