Here are the ins and outs about AIG Guaranteed Issue Final Expense Insurance
AIG, short for American International Group, is one of the largest international insurance companies. They, like other insurance companies, offer all types of insurance products. But today we are going to focus on their Guaranteed Issue Whole Life Insurance program.
Here are some highlights about AIG Life Insurance Company
Founded in 1919
A rated by AM Best (as of October 7, 2021)
Here’s what AIG Life Insurance Company offers in their final expense insurance.
Type of coverage: Whole Life Insurance
Immediate Coverage Available: Not under their final expense life insurance
Type of final expense coverage with AIG
Guaranteed Issued – Coverage with higher rates and a waiting period before coverage begins
Things to Consider if You’re Looking for Burial Insurance with AIG
The most known AIG final expense insurance is their guaranteed whole life insurance policy that covers burial or other funeral expenses. How these policies work is that there are no health questions or medical exams. Be forewarned that this type of coverage is best for people who want life insurance but are going through more severe health issues.
Caveat – A guaranteed whole life insurance policy should be your last resort. PLEASE, PLEASE, PLEASE, speak with a licensed agent first to see if you have other options.
There are no health questions or medical exams of any kind. Your acceptance is guaranteed, however how much you pay in most cases are higher. Also, everyone under this plan, there is a 2 year waiting period.
UPDATE!!! HOWEVER, as of January, 2022, AIG also has an immediate coverage burial insurance plan, which is awesome! However, it may not have the best rates based on your unique health history and prescriptions.
For the purpose of this article though, we are going to focus on their guaranteed issued burial plan.
How Guaranteed Whole Life Insurance works
Guaranteed issued burial insurance is whole life protection, which means your coverage never ends until you die. As long as you make your premium payment, you are guaranteed to have coverage when you need it. This is permanent life insurance
Your premiums are also guaranteed to never increase. (This is called level premiums.)
HOWEVER, during the first two years, if death occurs due to health related causes, AIG will refund the total premiums that was paid up until that point, plus 10% interest. After two years of having a guaranteed issued policy, if death occurs, the full face amount is paid to the beneficiary.
One exception to this waiting period is if death was accidental. If you die because of an accident (for example, if you slip on a banana peel, break your neck, then die) the full amount will payout, even if the accidental death occurs the first day.
When should someone should buy an AIG Guaranteed Issue Policy?
Here are a few health conditions that may be a good fit for a guaranteed issue policy.
Alzheimer’s or dementia or take prescriptions for memory
AIDS or HIV
Going through cancer treatment within the last 12 months
Currently in nursing home or receiving hospice care
Terminal illness with a life expectancy of 24 months or less
Had or been recommended to have an organ transplant
Another Caveat– THERE IS NO DIFFERENCE IN HOW MUCH YOU PAY, WHETHER WE HELP YOU OR YOU GO DIRECTLY TO THE INSURANCE COMPANY, so…
Do not get a guaranteed final expense plan until you have spoken with us. We will let you know what your best options are with no obligation. Call us and we’ll do our best to find you a plan that likely covers you immediately and costs much less.