AIG Life Limited is the UK Life Insurance arm of leading international US insurance giant American International Group Inc (AIG).
With roots dating back to 1919, AIG is today a global organisation serving clients in more than 80 countries worldwide.
AIG has been operating in Europe for more than 65 years and is currently the largest US-headquartered property-casualty insurer in Europe. It is also one of the UK’s largest property-casualty insurers in terms of gross written premiums.
AIG’s YourLife Insurance is a comprehensive Life Insurance offering with many free additional benefits via AIG’s Smart Health programme.
For those on tighter budgets, AIG also offers the Life Start policy with premiums that increase with age.
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AIG Life Insurance Coverage
Life Insurance / Life and Critical Illness Cover: Unlimited
Type of Cover Available
Minimum Entry Age
Maximum Entry Age
Terminal Illness Cover?
Joint life first death / joint life second death
Waiver of Premium
Optional Critical Illness Cover
Enhanced Critical Illness Cover
An optional add-on for an extra premium, paying:
An optional add-on for an extra premium covering children from birth to age 22, paying:
AIG lets you increase your benefit without asking for further medical evidence if you:
You must supply AIG’s requested evidence and apply for the increase within 13 weeks of the event to use this option. You must also be less than 55 years old and not in the final 5 years of your policy term.
The maximum available increase cannot be more than the lower of £75,000 or 50% of your original benefit. If the increase is for a mortgage, the additional benefit cannot be larger than your mortgage increase.
You can request an increase in your benefit more than once. However, the total sum of all increases must not be more than the original sum assured or £150,000, whichever is lower.
If you get divorced, dissolve your civil partnership or otherwise separate, you can split your joint AIG Life Insurance into two single policies. You must apply within 6 months of the separation and supply AIG with the required evidence to be eligible.
The total combined benefit of the two new single policies cannot be more than 100% of the sum assured under the previous joint cover.
If you choose increasing cover, AIG will increase your benefit by 5% each year.
In this case, AIG will review your premium annually and it will rise by a higher percentage than your benefit because premium increase is dependent on not just your benefit but also your age and the remaining term of the policy at the time.
You have the option to switch from Increasing Term Insurance to Level Term Insurance at any time. If you do so, you can opt back in to the annual increase on the same terms as before.
AIG doesn’t cap the benefit available for Life Insurance or Critical Illness Insurance. Even if they offer unlimited Life Insurance, most providers tend to cap the Critical Illness benefit.
AIG’s Smart Health suite of additional benefits is one of the best and most comprehensive packages of free benefits available with any Life Insurance policy.
The additional benefits available with AIG Life Insurance revolve around Smart Health. This offers a range of free benefits, including:
Get a phone or video call with a remote GP any time, day or night, 365 days a year. The service aims to offer an appointment within 2 hours of you requesting one and can issue prescriptions straight away.
Smart Health offers help and advice on exercise regimes and diet / nutrition programmes.
Access a 4 or 8 week tailored fitness plan to help you reach your goals and support you on your journey.
You can also get advice from qualified nutritionists on your diet, with tailored nutrition plans to help you maintain a healthy body weight and lower the risk of health concerns associated with poor diet.
Smart Health gives you access to a team of mental health professionals, including psychologists who can provide you with tailored counselling.
It aims to help with mental health concerns such as stress, anxiety and depression by offering up to four tailored therapy sessions with an expert.
Online health assessment to boost awareness of health metrics such as your BMI and cardiovascular risk profile, as well as available tests and screening programmes.
Access a second medical opinion from leading clinicians if you or a family member is having health symptoms and you’re worried you aren’t getting the right treatment or diagnosis.
AIG partners with Winston’s Wish — the UK’s leading child bereavement charity — to help children get support after losing a parent or sibling.
AIG will advance up to £10,000 of your payout to either a funeral director or your family where it has agreed to pay a claim but the benefit is tied up in probate. Your loved ones can use this to cover funeral costs or pay for probate application fees.
The free Smart Health suite of additional benefits is one of the most comprehensive additional benefits packages offered with Life Insurance.
AIG offers an online trust service. This means you can write your Life Insurance into trust online to protect the benefit from inheritance tax.
Your adviser can therefore help with this during your application rather than you going through a separate process with paper documents and wet signatures later on.
AIG’s minimum entry age for Life Insurance is 17. For many other providers the minimum entry age is 18, so AIG is an option to consider for the youngest individuals seeking Life Insurance.
Children’s Critical Illness Cover isn’t free with adult cover — it’s an optional add-on for an extra premium. Many insurers include children’s cover as standard with Critical Illness Insurance.
While this does mean you don’t pay for cover you won’t use if you don’t have kids, it’s something worth considering if you do have children or plan to start a family.
While child Critical Illness Cover isn’t free as standard with adult cover, the child death benefit you get if you add it on is £10,000. This includes children stillborn after 24 weeks gestation. This is one of the highest child death benefits in the market.
Total Permanent Disability Cover is part of Critical Illness Insurance. It pays out if you become so completely and totally disabled through illness or injury that you can’t ever work again.
It’s an optional extra with AIG Critical Illness Cover for an extra premium. It’s not a critical illness the policy covers as standard. Meanwhile, there are some Life and Critical Illness Insurance providers which include this cover free as standard.
AIG has not published full claims data for the past 2 years for either Life Insurance or Critical Illness Cover.
While it publishes figures for total claims paid — £48.2 million in Life Insurance claims and £30.3 million in Critical Illness Insurance claims in 2019 — it does not publish percentage payouts.
AIG is therefore less transparent surrounding claims than is the case with most other Life Insurance providers.
As you can see, when you compare Life Insurance providers and policies there are many points to consider. With so many factors and lots of different terminology at play, it can be tricky to do an accurate like-for-like comparison between providers.
We have a team of expert regulated advisers that are on hand to help you find the best life insurance for your circumstances.
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We all deserve a first class service when it comes to issues as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
For help and fee-free Life Insurance advice, please don’t hesitate to get in touch. Pop us a call on 02084327333 or email email@example.com.
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