AIG Life Limited is the UK life insurance arm of the American International Group, Inc (AIG), a leading international organisation serving customers in more than 80 countries, providing insurance solutions and financial and practical support for individuals, families and businesses. As AIG Life Limited, the company operates in the UK, Channel Islands, Isle of Man and Gibraltar.
AIG’s life insurance products are divided into four areas: Term Insurance, Family income Benefit, Life Start and Instant Life Insurance.
Term Insurance is a type of life cover that lasts for a fixed period of time (known as a ‘term’) – the payment will be made all in one go. You are protected against death and terminal illness until the last day of your policy.
Family Income Benefit covers you for the same scenarios as our life term insurance, but pays out in monthly instalments instead.
Life Start covers you for the same scenarios as our life term insurance but with lower premiums (the amount you pay every month) helping you get insured on a lower budget.
Instant Life Insurance makes getting insured even quicker, with fewer questions than usual, no medical evidence needed and with a simple online application only to fill in.
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Over 50s Life Insurance
This policy offers guaranteed acceptance to those between 55 and 85, without any lengthy medical questionnaires to complete. Premiums start from £5 a month. With its accidental and early death cover, this policy pays three times your lump sum if you were to die in an accident in the first two years of your cover.
If you were to pass away from any other cause in the same timeframe your premium payments will be refunded and you receive an extra 50% on top. If you die after 2 years, your full cover amount is paid.
Mortgage Life Insurance
AIG does not offer mortgage life insurance
Critical Illness Cover
This policy pays out for over 100 different illnesses and operations, including cancer, heart attack, multiple sclerosis, stroke and pregnancy complications. It includes your children becoming seriously ill too. For extra protection there are also add-on options that covers disability: If you are unable to work again you can arrange for cover to paid out all in one go or fixed monthly amounts.
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Whole Life Insurance
Whole of life insurance is designed to last for the whole of your life. Care Cover can be included which pays up to £300,000 to help you to fund the essential care you need to enjoy your later life.
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Income Protection Insurance
This policy provides you with a regular monthly benefit if, because of illness or injury, you are unable to work, resulting in a loss of earnings. The monthly benefit is limited to an income replacement percentage of your pre-tax annual income prior to becoming incapacitated. This is calculated as 60% of your pre-tax annual income up to £30,000, 55% of your pre-tax annual income between £30,000 and £100,000 and 45% of any pre-tax annual income exceeding £100,000. You must be between 17 and 54 years old to qualify.
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AIG offers life insurance for businesses, as well as various employee benefits packages. It also offers non-contractual benefits for its customers including Best Doctors, which gives you second medical opinions, and Smart Health consultations.
AIG Reviews and Ratings
Online reviews for AIG are generally good across most review sites, except for Facebook which scores them quite poorly. Users have praised the professionalism of the company, its friendly staff and the quick, easy and efficient process that the online portal provides. The prices of the various policies on offer are deemed quite competitive. Many complaints on Facebook are centred around policies not paying out however, and the company not living up to its promises.
- A large, multi-national insurance provider with a global reputation for innovation
- Generally favourable reviews and customer experiences
- Large range of insurance products and protection cover
- Critical illness cover pays out for over 100 different illnesses and operations
- Free Smart Health consultations and Best Doctors service
- Funeral Pledge pays up to £10,000 of your valid claim in advance
- Unbiased financial advisers available
- Useful supporting literature and online help
- Poor Facebook reviews
- Complaints that certain claims do not pay out
- Customer service deemed slow and difficult in some circumstances
- Mortgage Life Insurance not offered