American General life insurance review

Simplify your search for life insurance with this financially-sound provider that offers online policy quotes and flexible term life products.

While it’s not an easy discussion, choosing a life insurance policy to protect you and your loved ones is an important one. We know that finding a policy and term that fits both your family and lifestyle to ensure comprehensive protection takes time and careful consideration. Here, we explore one of your life insurance options with American General to help ease the decision-making process.

What is American General known for?

American General is an international insurance corporation that provides insurance coverage not only to the US, but to more than 80 countries around the world. It was founded in 1919 in Shanghai, China, by an American — Cornelius Vander Starr.

Since then, the company has grown to a staff of over 56,000 employees. Also referred to by its parent company, AIG, it has grown into a global corporation with business operations in the US, Europe and Asia.

American General is well-known for its comprehensive insurance products that include Quality of Life policies, offering living benefits should the policyholder become terminally ill.

What life insurance coverage does American General offer?

• Term Life Insurance. With 18 terms to choose from ranging from 10 to 35 years, this policy also offers the option to convert to a permanent life insurance policy at the end of the level-premium period.
• Guaranteed Issue Whole Life. Guaranteed coverage is provided for applicants between the ages of 50 and 85 with no medical examination. A $24 annual policy fee is required. Coverage ranges from $5,000 to $25,000.
• Quality of Life Insurance. With four Quality of Life policies available, select the permanent policy that best fits your needs, from QoL Flex Term coverage that only lasts for a predetermined time, to QoL Max Accumulator that offers supplemental retirement income.
• Universal Life Insurance. American General has seven universal life insurance policies to select from. Features include guaranteed death benefit protection, cash benefits, living benefit riders and adjustable premiums.
• Accidental Death and Dismemberment Insurance. Applicants between the ages of 18 and 80 are guaranteed acceptance, with no medical examination required. Benefits of up to $500,000 are available in the event of accidental death, dismemberment or paralysis.
• Variable Universal Life. Permanent coverage with the opportunity to accumulate cash value through multiple investment options. You can adjust premiums and death benefits as your needs change.

What’s not covered in my policy?

For flexibility and additional coverage, American General offers several add-ons that can be added to standard policies. Their riders vary by policy but include:

• Living benefits. Also called an accelerated death benefit, living benefits typically offer an early payout of death benefits if the policyholder is diagnosed with a terminal illness.
• Waiver of premium rider. This policy add-on allows the policyholder to keep coverage even if they can’t make payments because of extenuating circumstances, like a disability.
• Children’s insurance rider. Extends your coverage to cover a child in your home. Maximum amount of coverage is $25,000.

How can I get the best rate?

While American General doesn’t explicitly state its premium rate requirements, most providers offer the best rates to those with a clean bill of health. Any of the following factors could reduce your potential of securing a premium rate:

How do I file an insurance claim with American General?

A claim with American General can only be submitted by contacting its Customer Service Center at 800-231-3655, Monday through Friday, 7 a.m. to 6 p.m. CT.

You can also download the Life Claims Kit from the website and mail it in along with the necessary documentation.

Beneficiaries must complete the claimant statement form and submit it alongside all required documentation, including a death certificate, the life insurance policy and a newspaper account, if available.

What other services does American General offer?

In addition to its life insurance policies, American General also offers the following financial products:

Bottom line

American General is one of the largest providers of life insurance products in the US, so it’s able to offer a comprehensive selection of policies, terms, riders and flexible premiums.

But be aware that claims processing could be a time-intensive process and American General’s customer service hasn’t been awarded high marks by online reviewers.

Picking a life insurance policy is a big step. Make sure you know what your options are with other providers before applying for a policy.

Frequently asked questions

• What’s the difference between whole life and term life insurance?

  Whole life insurance is designed to cover the policyholder for the rest of their life, while term life insurance covers the policyholder for a specified number of years.

• Will my premiums increase over the life of my policy?

  It depends. Some policies, like whole life insurance, offer the opportunity to guarantee your rate when you apply, ensuring that your premiums stay the same. Other policies, like term or universal life insurance, have a flexible rate that may fluctuate over the life of the policy.

• How do I know how much coverage I need?

  Understanding the amount of life insurance coverage you need comes down to assessing your existing debt and assets and anticipating your family’s ongoing living expenses. Take a look at any outstanding debt you have and any savings, investments and available assets.