Public Limited Company
American International Group, Inc. (AIG) was first founded in 1919 and since then has grown to operate on a global scale. It provides a range of protection products for both individuals and businesses.
AIG bought Ageas Protect from the Ageas group in 2014, which became AIG’s Life Insurance arm AIG Life.
AIG, and its Critical Illness Cover in particular, has won several awards over the years. In 2017, it won First Complete’s ‘Best Service’ award; Moneyfacts’ ‘Best Critical Illness Provider’ award; and LifeSearch’s ‘Best Provider for Existing Customers’ award.
AIG Life was created when AIG bought out Ageas Protect, the award-winning life insurance arm of Ageas.
Overview of Key Policy Details
Level Term/Decreasing Term/Increasing Term/Family Income Benefit/ Whole of Life
Single Life/Joint Life First Event/Life of Another/Joint Life of Another
Full Medical Underwriting
Terminal Illness Cover
Optional Critical Illness Cover
Critical Illnesses Covered
Children’s Critical Illness Cover
Waiver of Premium
Minimum Entry Age
17 years old
Maximum Entry Age
86 years old
Available if policyholder:
Self inflicted injury and suicide within 12 months of the policy start date.
While AIG’s Life Insurance with Critical Illness covers a total of 80 conditions, with 30 conditions being considered ‘additional payments’ and entitled to a proportion of your payout. 7 conditions are also specific to children.
Some of the optional benefits that can be added to your policy may not be available to all policyholders. Definitions of incapacity used in disability benefits will be agreed upon when you apply for your policy and will depend upon whether you are in paid work and, if so, your occupation.
By taking out an insurance policy with AIG, you will have access to its ‘Best Doctor’ service that is completely covered by your policy. If you are diagnosed with a serious illness, you can use this service to get a second opinion and recommendations for treatment from a globally recognised medical expert.
You can continue using this service for as long as three years after you have received your payout and your policy has ended.
This benefit can also be added to a Life Insurance with Critical Illness policy from AIG for an increase in premiums. This benefit allows you to claim your policy’s entire payout sum if you are incapacitated for more than 26 weeks and it has been established that your incapacity is permanent.
AIG have partnered with the UK’s leading childhood bereavement charity Winston’s Wish to provide bereavement support to policyholder’s children. If a policyholder is diagnosed with a terminal illness or dies, AIG will pay for the family to receive support from Winston’s Wish.
This benefit entitles you to a payout of up to £500,000 if you die accidentally while you are in the process of taking out a Life Insurance policy with AIG and are waiting to have your policy underwritten.
AIG have signed up to PDG’s Funeral Pledge that aims to support families that may have difficulty affording a funeral for their loved one. AIG has pledged to advance up to £10,000 of the sum assured to be put forward towards a funeral. This can be paid to the family or directly to a funeral home.
To ensure that claimants are financially supported while waiting for a Life Insurance claim to be processed, AIG will pay out up to £300 to cover minor expenses. This can be used to cover costs associated with a critical illness claim, or it can be put towards bereavement counselling for the deceased’s family.
We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy.
Below, we have answered a few frequently asked questions given to us by our customers about your AIG Life Insurance policy. If you need any further help, please do not hesitate to call us on 01273646484.
Head of Protection Advice at Drewberry
A. If you would like to turn a single Life Insurance policy into a joint policy, you can do so at any time. You will need to provide AIG with the necessary information about the person you wish to add. Your premiums will be increased if you add another person to your policy.
If you would like to do the opposite – turn a joint policy into two single policies – you will be able to do so providing you have more than 3 years left of your policy’s term. In the case of divorce/dissolution of a civil partnership, policyholders must also agree to this change and inform AIG within 6 months of separating.
A. Any benefits paid out by your AIG Life Insurance policy are free from income tax. However, your policy’s payout may be affected by Inheritance Tax or, if claimants are outside of the UK, their benefit may be affected by taxation enforced by local jurisdiction.
To avoid having your payout reduced by unnecessary taxation, you may consider having your policy written into trust. Doing show prevent your Life Insurance payout from being added to your estate. AIG are one of only a few insurers that offer an electronic online trust, which means that you can write your policy into trust without the hassle of filling out any forms.
A. Most insures share a similar definition for a terminal illness when it comes to Life Insurance policies with this benefit. In order to claim your Life Insurance payout on the grounds of a terminal illness, you will need to diagnosed with 12 months or less to live.
You will need to have this confirmed by a medical consultant and if they expect death to occur a year or more after the diagnosis, AIG will not pay out a benefit.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.Pop us a call on 02084327333 or email firstname.lastname@example.org.
Independent Protection Expert at Drewberry
I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.