AIG – or American International Group, Inc to give its full name – is an American brand with fingers in proverbial pies in more than 80 countries. Founded in 1919, it now offers a wide range of insurance products internationally, but in the UK its main area of focus is life insurance.
AIG Life Limited is the life insurance arm of AIG in the UK, Channel Islands, Isle of Man and Gibraltar.
Alongside its critical illness cover and over-50s plans, AIG offers no less than 4 flavours of life insurance, including term insurance and whole of life insurance. All of its products pay out a lump sum in the event of either your death or diagnosis of a life-changing condition. All but AIG’s over-50s plans are available individually or as joint cover.
AIG’s life insurance products are only available through a financial adviser – you can’t buy directly from AIG.
AIG offers three types of term life insurance.
You can only apply up to age 55 (likely reflecting the lower health risks of younger people) and, unlike AIG’s other life insurance policies, the level of cover is capped. As with its term insurance, you can choose level, decreasing or increasing life insurance. With the latter, your cover increases by inflation (RPI) each year up to a maximum of 10%.
Premiums are based on your age and health at the start of the policy and rise over time to reflect increased risks as you get older.
AIG offers two variants on its critical illness cover:
Premiums stop on your 90th birthday, though the cover will continue. AIG also offers something called “protected benefit”. As long as you’ve paid half the premiums due before you turn 90, if you cancel your policy or stop paying premiums, AIG will still pay a lump sum of at least half your original cover.
You can make a claim by phone (0345 600 6815) or email (firstname.lastname@example.org). Having details of the policy and, depending on the claim, either the death certificate or relevant medical information will help make the administrative process run smoother during a stressful time.
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