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AIG Life Insurance Review – Forbes Advisor UK

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Who are AIG?

Headquartered in New York and listed on the New York Stock Exchange, American International Group (AIG) is a century-old insurance company, serving over 80 countries. Its UK life insurance arm, AIG Life Limited, operates in the UK, Channel Islands, Isle of Man and Gibraltar.

As well as selling life insurance products for individuals, families and businesses under the AIG Life brand, the company is the name behind Ageas’ life insurance business, as well as travel insurer Direct Travel and Direct Car Excess Insurance.

AIG Life Limited is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

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What types of life insurance policies does AIG offer?

AIG offers the following types of life insurance:

  • Whole of life – which pays out no matter when you die
  • Level term – where the potential pay-out remains the same regardless of when a claim is made, so long as it is within the specified term
  • Decreasing term – where the potential pay-out reduces over the term of the policy, in line with outstanding debt that you are gradually paying off, such as a capital and interest repayment mortgage
  • Increasing term – where the potential amount paid out increases by a fixed amount each year over the term to account for rises in the rate of inflation
  • Over-50s – people in this age group are guaranteed to be accepted as policyholders
  • Instant life – there are fewer questions to answer during the application process and you will receive an immediate decision on whether you will be covered.

It also offers:

  • Family insurance benefit – like a term insurance policy (see above) which pays out an agreed monthly amount from the point of death until the end of the original term
  • Critical illness cover – which pays out a tax-free sum on diagnosis of serious illness or injury
  • ‘Life Start’ – AIG’s policy which helps you get covered on a lower budget, but could eventually cost more than typical cover.

How much life insurance do I need?

The amount of life insurance you need will depend on your financial situation.

When calculating how much cover you require, it’s important to consider your income, your financial commitments and obligations, how long your dependents will need financial support and how much you have in savings and investments.

You’ll need to take into account the balance left on your mortgage, your other debts, and bills and expenses.

To give you a helping hand, our life insurance calculator will guide you through the process of working out how much cover you need in three easy steps.

How much does life insurance cost?

Life insurance premiums can start at as little as £5 per month. The specific amount you’ll pay will depend on a number of factors, including the policy type, the amount of cover you need, your occupation, health and lifestyle.

The younger and healthier you are, the less you will typically have to pay.

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To find out more about how this works, read our guide on the cost of life insurance.

Is AIG a good life insurer?

According to Fairer Finance’s latest rankings, AIG’s life insurance offering comes with a customer experience ranking of 69%. It scores highly for complaints handling (87.37%), but less well for claims pay-out rates (68.50%) and transparency (50.63%).

On the Trustpilot review platform, AIG Life Limited scores 2.7 out of five stars. Customers praise the service provided and commend its benefits, but negative feedback centers on lengthy claims processes and rejected claims.

AIG paid out 99% of life insurance claims, 97% of terminal illness claims and 95% of critical illness claims in 2020, totaling £115.3 million paid to 3,188 families, individuals and businesses.

Should I consider AIG for life insurance?

Before taking out a life insurance policy, it’s worth checking if you already have cover. Some employers offer death-in-service cover, which will pay out a tax-free lump sum to your dependents if you pass away while working for the company.

Even if you do have this type of cover, you may want to buy a separate life insurance policy to ensure you’re adequately protected.

It’s always best to shop around and compare policies from different insurers to get the best deal. You should weigh up price and cover levels among other factors. Also check if any benefits are included, such as accidental death benefit and terminal illness cover.

How do I contact AIG?

AIG’s customer service number is: 0345 600 6820. Its offices are open between 9am and 6pm Monday to Thursday, and between 9am and 5.30pm on Fridays.

Claims can be made by calling 0345 600 6815 or emailing claimsteam@aiglife.co.uk
The company also has a Twitter account.

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