AIG Life Insurance
We search all of the Life Insurance companies in the UK to compare insurance quotes for our customers. AIG Life insurance have been providing Life Cover for over 100 years. Within the AIG Life Insurance Guide we look into who they are and how they help so many people to protect their families for the future:
About AIG Life Limited
AIG Life Limited is the UK life insurance extension of AIG (American International Group). AIG recently celebrated their 100th-year of providing protection and are one of the largest global insurance providers. Throughout the 100 history they have acquired many providers to improve their service to customers, this include the acquisition of Ageas Protect in 2014 which has been rebranded to AIG Life Limited.
AIG Life Limited financial products are available to people in the UK, Channel Islands, Isle of Man and Gibraltar. Currently you cannot apply for life insurance through AIG directly. However, you can obtain Life Insurance protection through an FCA regulated broker, like Life Insurance Cover.
AIG Life Limited Life Insurance Policy Types:
Term Life Insurance
Term life insurance is one of the most common types of Life Insurance Cover that people buy. It will pay a lump sum to your family and loved ones if you pass away during a set period of time (term). However, if you outlive the length of the policy a payment will not be made.
A policy term length with AIG Life Insurance can be selected from 2 years to a maximum of 70 years. They also have a term end date before your 90th birthday. All AIG term Life Insurance policies are available to people aged between 17 – 86, which includes single or joint polices.
Level Term Life Insurance
A Level term life insurance policy will pay a fixed amount of money to your family and loved ones in a lump sum, if you pass away during the policy term. The sum assured remains the same (or level) throughout the policy term.
Level term Life Cover can help you protect an interest only mortgage, any potential outstanding debt that might require payment. The family day to day living costs which will help protect your loved ones after you have passed away. Also a Level Term policy can cover the funeral costs or leave an inheritance for your family.
Life Insurance Cover can help you to arrange the right level term cover for you. Simply apply today and let us compare AIG Life Insurance and many others for you.
Decreasing Term Life Insurance
Many customers choose a Decreasing Term Life Insurance policy to match a mortgage or large financial outgoing. This is because a Decreasing Term policy provides a reduced sum each month or year throughout the length of the policy.
However a very important point to remember is although the amount you insure or sum assured will decrease. The monthly premium cost will remain fixed during the length of the policy. A Decreasing term is usually one of the cheapest Life Insurance products available, because the level of risk to the insurer diminishes over the policy term years.
Most first time house buyers use a Decreasing Term Life Insurance policy because the costs are cheaper than other Life Protection types. If you have a repayment type mortgage, a Decreasing Term policy might be beneficial. AIG Decreasing Term Life Insurance allows you to choose the interest rate for your sum assured to decrease from 5%-15%.
AIG Life Insurance do not offer decreasing term for second event policies. Unlike other Life Insurance Providers who may offer deferment to the last surviving person named on the policy.
Life Insurance Cover will help you find and arrange the best available Decreasing Term Insurance
AIG Life Family Income Benefit
A Family Income Benefit policy will pay a fixed sum of money to your family each month, tax free. Instead of a lump sum payment to your loved ones, however there are limitations on this policy type. Further details of a Family Income Benefit policy are available with the guide.
A Family Income Benefit could be suitable if you have dependants who rely on your income and who will need to budget for mortgage repayments and living costs. An AIG Life’s Family Income Benefit policy is available to people aged from 17 to a maximum age of 86.
You can also decide if you would like Level Term or Decreasing Term. However the policy length must not exceed your 90th birthday.
Contact Life Insurance Cover to find out more about the benefits of choosing a Family Income Benefit and to compare quotes.
AIG Life Start Term Insurance
An AIG Life Start Life Insurance policy is very similar to a standard Level Term Life Insurance Policy. It will pay a fixed lump sum to your beneficiaries if you pass away during the length of the policy term. The key difference between a standard Term Life Policy and a Life Start Policy is the increase in premium costs. A Life Start Life Insurance Policy allows you to take out a higher sum assured for a more affordable premium. As the term length increases, your premiums would then increase throughout the term of the policy as the risk to AIG Life increases.
This will mean it will cost more than a standard life insurance policy, depending on the length of the Life Insurance protection.
With an AIG Life Start Term Policy you can reject an increase of your premiums up to three times during the policy term. But it will also mean that your sum assured will also not increase during that year. You can obtain an AIG Life Start Policy if you are aged 17-86 years old, with a fixed term period of 3 – 70 years.
AIG Instant Life Insurance
Another option available is the AIG Instant Life Insurance policy which is a very quick way to obtain Life Protection Cover. This policy type allows you to be protected without the need for a lengthy application process or providing any medical information. AIG instant Life Insurance offers a sum assured that is either level or decreasing (8% each year).
The insurer will pay out a lump sum to your family if you pass away during the term of the policy. A policy can have a term length between 3 – 40 years. One of two potential shortfalls of this policy type are:
AIG Instant Life Insurance cannot go beyond your 70th birthday. Which potentially is a time when you may need Life Insurance Protection the most.
Monthly Premium Cost & Potential Pay-out. With many Life Insurance Providers, a Non-Medical Life Insurance Policy can be very expensive for monthly premiums and provide a smaller payment to your family if you pass away.
Critical Illness Cover
A Critical Illness Cover policy can be a very important level of Insurance protection. At Life Insurance Cover we covered the subject extensively in The Critical Illness Cover Guide. This protection type provides a tax-free lump sum if you are diagnosed with a non-life-threatening illness. The claim payment would be made to the policyholder to help them as well as their family. Unlike Life Insurance which will make a payment to your family or loved ones.
A Claim For Critical Illness Could Cover:
Private medical treatment or ongoing care
Physical adaptations to your home to make it more usable
The loss of an income if unable to work
AIG Critical Illness Protection will offer protection for over 100 illnesses and operations, including cancer, heart attack and stroke. Additionally it also covers any of your children up to £35,000, at no additional cost.
A Critical Illness Policy can be obtained by people aged between 17 -75 years. However the policy must expire prior to their 86th birthday. A policy term length can range from 3-50 years depending on your age.
Additionally AIG offer two protection options to add to a Critical Illness policy for a small increase to a monthly premium:
Total Permanent Disability: Protection for permanent disability. This means your claim payment would be received for the full sum assured after 26 weeks
Total Disability and Total Permanent Disability: As well as a protection for Total Disability, you would also have protection for non-permanent and permanent disability. A percentage of the sum assured will be paid out for non-permanent disability. Total Disability and Total Permanent Disability is available to policyholders under the age of 59 when they take out the policy
Critical Illness Cover Start Term Insurance
This Critical Illness protection type works similar to the AIG Life Insurance Start policy. Which means the policy allows you to take out a higher sum assured at the beginning of the policy, (the full amount of cover you need) at a more affordable monthly premium.
However your premiums will increase throughout the term of the policy as your risk to the insurer increases. Which could mean that coverage could become less affordable as the term continues. AIG Critical Illness Cover Start is only available as level term cover and the term length can be between 3 – 40 years. Protection from AIG can start for people aged 17- 59 years old and the policy must finish prior to turning 70 years old. Also AIG allows add on products for Total Disability and Total Permanent Disability cover.
AIG Over 50s Life Cover
An over 50s plan, or otherwise known as over 50s life insurance. Guarantees a pay out to your loved ones when you pass away. The most common use for an over 50s Life Policy is to cover funeral costs, clear any outstanding debt and potentially leave an inheritance for the family. An AIG over 50s plan guarantees acceptance for UK applicants aged 50 – 85. However for smokers the maximum age is 81.
One of the key details about this policy type is that you will not need to provide any medical information on application. This makes the over 50s Life Insurance an ideal choice if you have a poor medical history.
AIG Over 50s Life Insurance Includes:
Protected benefit: This protects your investment if you have trouble keeping up with monthly payments. As long as you have paid half of your premiums due between starting your plan and your 90th birthday. Your loved ones will receive a pro-rata pay out, (this will not be the full sum assured, but a sum assured based on what has been paid towards your policy).
Accidental and early death cover: If you were to pass away from an accident in the first two years of the policy. AIG will pay out three times your lump sum. Or, if you were to pass away in the first two years of the policy by any other means. AIG will refund your premium payments and pay an extra 50% of the full amount on top. If you pass away after the two years, your full sum assured will be paid out.
Whole of Life Insurance
Whole of life insurance, also known as whole of life assurance. Provides cover for the entire of your life, rather than a fixed period of time. A whole Of Life Insurance policy guarantees a payment to your family and loved ones when you pass away. This policy type can be more expensive than a fixed term policy as the usual payment made to beneficiaries is higher. You may want to take out a whole of life policy if you would like to leave behind a more substantial amount for your family including:
Settle an outstanding mortgage
Day to Day family living costs
Inheritance for your family
A Whole of life policy through AIG is available to customers aged 17 – 84 and can be taken out as single or joint life cover. AIG also offer a Whole of Life policy with either level or increasing cover, most Life Insurance companies do not offer this option. With level cover, the sum assured remains fixed throughout the policy and with increasing cover, the sum assured would increase annually in line with the Retail Prices Index (RPI), up to a maximum of 10%.
Life Insurance Cover compare new Life Cover Quotes for Whole Of Life protection from all of the Life Insurance providers throughout the UK including AIG.
AIG’s over 50s plan will only cover up to £15,000 and up to a total monthly premium of £50.This amount may not be sufficient for people wishing to leave enough for an inheritance and funeral costs. As the current costs relating to people passing away increases annually, the current cost in the UK exceeds £9,000. A cost which will increase over the length of the policy.
At Life Insurance Cover, we can compare all of the Life Insurers companies which includes over 50s protection. Some providers offer quotes to a sum assured of up to £25,000.
The Cost Of AIG Life Insurance
The cost of getting your protection with AIG life insurance is calculated on several key factors including your age, health, smoking and your lifestyle. Another key factor is the amount of Life Insurance Cover that you are looking for. With all of the choices available from AIG including Whole of Life, Level term and Decreasing term. It can be quite hard to decide on the level of protection that you need. Including how much the monthly premiums may cost.
With Life Cover starting from £5 a month it is worth getting protection in place prior to any potential problems, which may increase the premium cost. If you choose to add on any other features, such as waiver of premium, Critical Illness Cover, you can anticipate higher premiums.
Get in touch with Life Insurance Cover and we will help you find the protection you need and save money on your life insurance.
Making A Claim
When the time comes to make a claim with AIG, they try and make things as easy as possible. Although it will be a distressing time for your family and loved ones, AIG will help them through the process. It is important to make sure you tell your family about your Life Cover and the location of any documents. When contacting AIG it is sensible to have all the relevant paperwork to hand. They will likely request the details of the policy including the name of the policyholder, the policy number and if the policy is in trust.
At some stage during the claim process, your beneficiaries will also need to provide the death certificate for the full claim process to begin. If making a critical illness claim, AIG will need your doctor’s contact details, details of treatments and any supporting documentation from a medical professional.
The Claims team at AIG can be contacted by:
Telephone: 0345 600 6815
Email: [email protected]
By letter: Claims Team, AIG Life Limited, PO Box 12010, Harlow CM20 9LG
Terminal Illness Cover
Similar to all other protection policies provided through Life Insurance Cover, AIG’s protection policies come with terminal illness cover as standard except for the over 50s plan. Terminal illness cover allows you to make a claim on your life insurance if you’re diagnosed with an illness and expected to pass away within 12 months. The payment you receive can be used in any way you wish, without restrictions. You may choose to hire a home carer or paying for private medical care. It is also possible with any policy secured through Life Insurance Cover to add other products like critical illness cover, for additional protection.
Waiver Of Premium
All of the policies available from AIG, excluding instant life insurance, have the option to come with a waiver of premium feature. There is an additional cost for a waiver of premium add on, it will offer further protection if your employment status changes. If you lose your job or become ill during the policy term and are unable to pay your premiums for a period of 26 weeks or more. A waiver of premium add on will cover the payments for your Life Cover until you’re able to return to work.
Any missed premium payments can place your Life Insurance Protection at risk, so a waiver of premium can protect your life insurance policy. To add the waiver of premium cover to your policy with AIG, you need to be aged 54 or under when the policy starts.
For more information on the waiver of premium feature and the many potential protection options available contact Life Insurance Cover.
Life Insurance Benefits From AIG
There are a number of benefits that come from all Life Insurance providers. As an AIG Policyholder you will have inclusive benefits and some that are a discretionary, every AIG policy includes:
PDG Funeral Pledge
It can take many months for funds to be released from your estate after you pass away (due to probate). Without a funeral plan in place, your family could struggle with the initial expense after you have passed away.
AIG is a part of the Protection Distributors Group (PDG) Funeral Pledge. AIG will release £10,000 of your claim in advance to cover costs.
Claims Support Fund
This is a contribution of up to £300 for services you may need during a period of serious illness.
Smart Health: Smart Health is a 24/7 online health service in which you’ve access to free health checks, GP services, personalised fitness programmes, mental health support and more.
Best Doctors: You can access Best Doctors for a second medical opinion to ensure you get the right diagnosis and treatment.
Winston’s Wish: Winston’s Wish is a charity that would provide specialist support to your children during a bereavement.
It is important to remember that Smart Health, Best Doctors and Winston’s Wish benefits can be changed, adapted or taken away at the discretion of AIG.
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