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.
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.
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
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
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
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
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

Need life insurance? Let's work out which insurer is right for you, starting with your age:
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It’s important to make an informed decision when buying life insurance – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).
Can you cash in AIG life insurance?
If you buy a term life insurance policy (the most common kind), you won’t be able to cash it in. You pay monthly premiums to be insured and the policy pays out if you die during your policy term. The kind of life insurance you can cash in is investment-linked whole life insurance – which is riskier than term life cover, more expensive, and only offered by some insurers.
What’s the minimum age for an AIG life insurance policy?
You need to be at least 18 to take out an AIG life insurance insurance policy. Most people take out life insurance once they have financial dependents – i.e. other people who’d be financially affected by your death.
Is AIG good for life insurance?
AIG is a global finance and insurance company serving customers in over 80 countries. It’s a highly reliable provider, but is only the right insurer for you if it offers a policy that’s suitable in your unique circumstances. An adviser will be able to help you work out which policy and insurer is best for you.
How do I cancel my AIG life insurance policy?
To cancel your life insurance policy, you’ll need to contact AIG directly. If you cancel within 30 days of taking out a new policy, you’ll usually be refunded your first premium – but if you cancel after that point, you won’t get anything back. Read our guide to cancelling life insurance before making any decisions.