About AIG
AIG – American International Group, Inc – is a global finance and insurance company serving customers in over 80 countries, with roots tracing back to 1919. AIG Life Limited is the company’s UK life insurance arm, which focuses on making insurance as easy and accessible as possible for those with a protection need in the UK.
AIG life insurance policy features
If you buy life insurance through AIG Life, your policy is likely to come with the following features:
Guaranteed premiums | The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the AIG Life policy. |
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Guaranteed insurability | This means you’d have the opportunity to increase your life insurance cover after certain life changes. In an AIG policy, this includes getting married or entering a civil partnership; becoming a parent; and taking out a new mortgage or increasing your mortgage. |
Payment delay | This benefit means you’ll be able to delay the payment of your monthly premiums beyond your usual pay date – giving you a little extra flexibility if you need it. |
Reinstatement | If you accidentally miss a monthly insurance payment and your life insurance policy gets cancelled, you can reinstate it without having to apply again – as long as you do so within a set period of time. This is a good thing because it means you won’t have to go through medical underwriting again (which could lead to your policy being more expensive). |
Terminal illness benefit | If you fall terminally ill while you hold an AIG life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis. |
Waiver of premium | Most life insurance policies come with this handy add-on that means you won't be required to pay your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit. |
AIG life insurance extra policy benefits
AIG life insurance policies also come with a number of extra benefits, outlined below. These features are ‘non-contractual’, meaning they’re not related to the contractual conditions of your own policy, and are often provided by a third party. Everyone is eligible for them – though they’re usually only made available if you buy your AIG Life policy through an adviser.
Best Doctors® | This service entitles you and your family to a second medical opinion from a specialist if you receive a diagnosis. |
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Smart Health | A healthcare service that gives AIG customers access to 24/7 virtual GP appointments; the Best Doctors® service described above; mental health support; online health checks; nutritionist consultations; and an online fitness programme. |
Winston’s Wish | A child bereavement service that supports children who’ve lost a parent or sibling, including a free national helpline, face-to-face support, and online resources. |
AIG life insurance claim rate
In 2020, AIG paid out 99% of life cover claims, amounting to £69.4m across 234 claims. £5.6m was paid in Covid-related claims. The 1% of claims not paid out is likely to be due to misrepresentation (i.e. providing inaccurate information during the application process).
AIG life insurance prices
The following prices are based on:
- Healthy 25-year old male or female
- £150,000 of level life insurance cover
Term | Non-smoker | Smoker |
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10 years | £5.60 | £7.30 |
20 years | £5.80 | £7.70 |
30 years | £6.30 | £9.20 |
- Healthy 25-year old male or female
- £250,000 of level life insurance cover
Term | Non-smoker | Smoker |
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10 years | £7.10 | £9.50 |
20 years | £11.40 | £20.30 |
30 years | £14 | £27.40 |
- Healthy 35-year old male or female
- £150,000 of level life insurance cover
Term | Non-smoker | Smoker |
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10 years | £7.30 | £11.50 |
20 years | £7.90 | £13.90 |
30 years | £9.90 | £19.80 |
- Healthy 35-year old male or female
- £250,000 of level life insurance cover
Term | Non-smoker | Smoker |
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10 years | £10.10 | £16.70 |
20 years | £11.40 | £20.30 |
30 years | £14 | £27.40 |
AIG life insurance prices quoted on 14/02/20