AIG, also known as American International Group, was founded in 1919 in Shanghai by an American pioneer named Cornelius Vander Starr. Since then, AIG has established its global presence, offering insurance in more than 70 countries. AIG provides a range of insurance and financial products, though its specialty is in its Life and Retirement and Investment business units, where they help customers prepare for the worst.
AIG Company History and Highlights
Over the course of AIG’s journey, it has embodied its five core values – take ownership, set the standard, win together, do what’s right, and be an ally. As a result, AIG has numerous programs and partnerships to promote diversity and inclusion, encourage environmental conservation, and hold itself to a high standard of integrity.
Most recently, AIG has rebranded its Life and Retirement division to be a standalone company known as Corebridge Financial. While this may have been an investment decision, creating a company just for Life and Retirement services empowers Corebridge Financial to maximize performance and capitalize on life insurance. This enhanced focus means their customers will get the individual attention their financial planning deserves.
AIG Plans and Riders
AIG offers term, permanent, and final expense life insurance plans.
Term Life Insurance
AIG’s term life policies deliver life insurance coverage over a specified period. Its primary term life policy, Select-a-Term, lets policyholders create their terms so they can buy what they need.
Features of this plan include:
- The ability to create your own terms
- Full conversion to a permanent policy without additional underwriting
- Death benefits start at $100,000
- Offers guaranteed level premiums (premiums remain the same over the policy’s lifetime)
Permanent Life Insurance
AIG offers an indexed universal life policy, which is a permanent policy that combines a death benefit and cash value. With this type of policy, the cash value accrues interest and the death benefits remain in effect if the policyholder pays the premiums.
Features of this plan include:
- Provides tax-free cash value and interest gains (depending on policy details and withdrawal method)
- Flexible death benefits and premiums during the duration of the policy
- Offers an underwriting process that doesn’t require a medical exam (*must qualify*)
Final Expense Life Insurance
AIG offers two final expense life insurance options.
Simplified Issue
AIG’s simplified issue policy, also known as SimpliNow Legacy, is a whole life insurance policy. SimpliNow Legacy has a quick application process and doesn’t require a medical exam. Beneficiaries use the death benefits to cover funeral and burial costs and unpaid debt, medical bills, or loans. Features of this plan include:
- Qualification for adults 50 to 80 years old
- Flexible, affordable premiums that fit your budget and financial goals
- Automatic underwriting process
- Offers level and graded death benefits
- Death benefits range from $5,000 to $35,000
- When policyholders reach the maximum payment age, they are no longer required to pay premiums
Guaranteed Issue Whole Life
AIG’s guaranteed issue whole life insurance (GIWL) helps your family pay medical bills, funeral costs, and outstanding debt. This policy has a quick application process and does not require a medical examination. Features of this plan include:
- For adults 50 to 80 years old
- Death benefits range from $5,000 to $25,000
- Premiums remain the same throughout the policy’s lifetime
- Chronic illness and terminal illness riders are automatically included in the policy
- Graded death benefits
AGI Insurance Riders and Benefits
- Accidental death benefit
- Child benefit (available to parents aged 20 to 55)
- Terminal illness rider (varies by state)
- Accelerated death benefit rider
- Waiver of premiums riders
- Nursing home confinement accelerated death benefit rider
- Chronic illness rider
Ratings, Reviews, and Complaints
Third-party sources such as NerdWallet, Consumer Affairs, and Investopedia give AIG three-star ratings out of five.
Third-Party Financial Strength Ratings
| AM Best | A (Excellent) |
| Standard & Poor’s | A+ (Excellent) |
| Fitch Ratings | A+ (Excellent) |
| Moody’s | Baa2 (Moderate) |
| Better Business Bureau | F |
Why Principled Life Trusts AIG
Principled Life trusts AIG, as it is one of the world’s oldest and most established insurance companies. Its third-party financial ratings are strong, and AIG continues to grow and develop to maintain its integrity. They take risks to grow so their customers can feel safe and assured in their investments.
