Is AIG The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of AIG life insurance. You might already know that AIG has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is AIG the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

AIG life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with AIG. 

4 Safe overall rating for AIG

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

Good rating of 4.1/5 on TrustPilot
Good customer care service recorded on review websites
5 star rating from Defaqto
The policy documents can be easily accessed
No live chat option is provided

Coverage options

Whole life cover is provided
Permanent disability cover is provided as an optional extra
Business cover is available
Cover for children is automatically provided
The Critical illness cover offered provides cover for up to 100 critical conditions including 7 critical conditions for children
The claims process is slow and tedious

Value for money

AIG has flexible cover options which can easily suit individual needs
The insurance rates per month and the amount of insurance provided is not stated

Financial strength

AIG was first founded and has been in operation since in 1919
AIG has been active in the UK insurance market for over 50 years

Apps and technologies

Quotations can be gotten online
An online Smart Health option is available for all covers
No livebot or chatbot option
No use of technological advancements like mobile app

Safe rating for AIG Life insurance

Expert and customer satisfaction reviews for AIG

Review organisationConsumer satisfaction rates for AIG Life insurance
Trustpilot4,1/5 based on 49 reviews
Defaqto5
Experts rating for AIG

AIG insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with AIG. 

CriteriaAIG details
Minimum age17 years
Maximum age 86 years
Pay-outNot stated
Life insurance with free giftsNo
Extras

No

Terminal illnessYes
AIG life insurance in a nutshell

What are AIG life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is AIG term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaAIG life insurance
Minimum term2 years
Maximum term70 years
Pay-outNot Stated
Minimum monthly premiumNot stated
Extras or any interesting facts 
  • Best Doctors.
  • Winston’s Wish:
AIG term life insurance

Should you take level or decreasing term life insurance?

AIG offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
AIG term life insurance (level)
  • AIG provides Term Insurance which is a type of life cover that lasts for a particular time frame and protects against death and critical illnesses.
  • Family Income Benefit is provided for the policyholder’s family in the case that the policyholder dies.
  • AIG offers a Life Start option which offers a low premium amount initially and this rate then increases over time. This option makes it easier to pay for the insurance policy.
  • AIG also provides Instant Life Insurance.
AIG decreasing term life insurance, also known as life insurance for mortgage
  • The rates proposed for the Decreasing Life Insurance that AIG offers are tailored to match the interest rate of your mortgage
  • There is the option to choose from a wide array of decrease ranging from 5%, 6%, 7%, 8%, 10%, 11%, 13% or 15%
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

AIG life insurance propose increase life cover:

  • This is only applicable to policyholders that are 55 years old or younger
  • Every year on the day that the insurance policy was taken out, the insurance amount to be paid increases with regards to the Retail Prices Index, up to a maximum annual increase of 10%.

Should you take AIG whole life insurance?

The Whole of Life insurance is cover provided by AIG is tailored to last for the duration of the policyholder’s life. This means that there is no expiry date to this policy and in the case that a claim needs to be taken out, the pay would be provided easily.

Whole life insuranceAIG whole life insurance details 
AIG whole life insurance 
  • Lifelong protection is offered
  • Value is accumulated overtime at a fixed interest
  • No medical examination is required for this insurance policy
  • Guaranteed pay out to the family of the policyholder
  • The Whole life insurance that AIG provides is rated 5 stars by Defaqto
AIG whole life insurance

Can you take out a AIG plan life insurance with someone else?

Yes, you can either have a single or a joint policy at AIG.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are AIG life insurance extras? 

You can add these extras at additional cost to your AIG life insurance: 

Details Reviews
Best Doctors

AIG provides a Best Doctor service that is completely covered by the insurance policy. In the case that the policyholder is diagnosed with a serious illness, this service can be used to get a second opinion from a medical expert. The service can be used for up to 3 years after the policy has ended.

Total Permanent Disability

In the case that the policyholder has been permanently disabled as a result of an accident and is unable to work again, financial support will be provided with your cover paid out at once.

Waiver of Premium

With the Waiver of Premium benefit that AIG offers, your insurance premiums will be paid on your behalf if you can’t work due to illness or injury.

Funeral Pledge

A sum of up to £10,000 of your valid claim is paid in advance towards the cost of a funeral.

Accidental Death Benefit

The policyholder is entitled to a sum of £500,000 in the case that he/she dies accidentally while in the process of taking out a Life Insurance policy with AIG and waiting to have his/her policy underwritten.

AIG life insurance extras

Should you take out AIG life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is AIG the best critical illness cover? 

Here are the main features when you take out AIG life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Life and Critical illness cover that AIG provides offers the following:

  • Total Disability cover is provided as an optional extra and with this, a particular amount is given to the policyholder every month in the case that he/she is disabled and cannot work for up to 26 weeks.
  • Waiver of Premium in the case that the policyholder is unable to work due to an illness or accident.
  • Total Permanent Disability is provided in the case that the policyholder cannot work again as a result of a disability.
  • Cover provided for up to 100 critical conditions.
  • Cover is provided for children
Children’s Cover
  • The children cover provided by AIG is valid from from birth till when the child is 22 years old.
  • This cover provides up to £35,000 or 50% of the amount of cover in the case that the child is diagnosed with one of the critical conditions.
  • Children are also covered for additional child specific conditions like Cerebral palsy, Cystic fibrosis, Down’s syndrome.
  • There is no limit on how many children are covered under one policy.
  • The sum of £10,000 is given to the family in the case that the child dies.
  • Pregnancy cover is provided and a sum of £5,000 is given in the case that complications arise
What should you know about AIG critical illness cover?
  • The Critical Illness Cover provided by AIG has won many awards. An example is the 2017’s Moneyfacts’ ‘Best Critical Illness Provider’ award.
AIG life insurance

How much is AIG life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact AIG life insurance?

Here are all the important phone numbers for contacting AIG life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at AIG 0345 600 6820Monday to Thursday from 9:00am – 6:00pm
Friday 9.00am – 5:30pm
How to claim at AIG0345 600 6815 Monday to Thursday from 9:00am – 6:00pm
Friday 9.00am – 5:30pm
How to cancel at AIG

0345 600 6820

Monday to Thursday from 9:00am – 6:00pm
Friday 9.00am – 5:30pm
AIG phone numbers

What are AIG general contact details? 

You will find in this table all the general contacts that you would need if you want to reach AIG life insurance: 

General contacts
Mailing address

Beech House, 35 London Road
RH2 9HZ
Reigate
United Kingdom

Social media 

LinkedIn, Twitter

Chatbot

No

AIG general contacts

How to claim at AIG life insurance? 

You will find on this table the different possibilities for reporting a claim on your AIG life insurance: 

How to claim on your life insurance at AIG?
When to claim?

As soon as possible

Claim by mail

Claims Team
AIG Life Limited
PO Box 12010
Harlow
CM20 9LG

Claim by email[email protected]
Claim online

Not available

Claim by phone0345 600 6815
Claim at AIG life insurance

How to cancel my AIG life insurance? 

You will find on this table the different ways to cancel your AIG life insurance: 

How to cancel your life insurance at AIG
Fees
  • If you cancel within the first 30 days, the premium paid would be refunded fully
  • If the cancellation is done after 30 days, no refunds would be made.
Cancel by mail

Customer Services Team,
AIG Life Limited,
Box 12010,
Harlow,
CM20 9LG

Cancel by email

[email protected]

Cancel onlineNot available
Cancel by phone

0345 600 6820

How to cancel my AIG life insurance?

How do I get AIG life insurance quotes? 

Here are the different ways to get a life insurance quote at AIG: 

How to get a life insurance quote at AIG
Quote online
  • Go online on their website and click on “Get a quote”
  • Compare and find out the best life insurance for you with our 100% anonymous tool.
Quote phone 0345 600 6820
Get a quote at AIG

How do I log into AIG life insurance?

Go to the AIG website, and on the Home Page, click on “Login” option, select your desired option and enter your account details

Do we recommend AIG life insurance?

AIG was founded in 1919 and offers a wide range of insurance services in more than 80 countries. However, in the UK, the focal point of AIG is the life insurance service. They offer a wide range of services ranging from critical illness cover, over-50s cover, term insurance (level, increasing and decreasing) and whole of life insurance. They have high ratings on both Defaqto and TrustPilot and their effectiveness in terms of customer service was recorded from third party review websites.

The bad side of the insurance policies that AIG offers is that they are only available and can be gotten through a financial adviser that means that you cannot buy directly from AIG. This makes the process a bit tedious. However, asides from that, the insurance company is highly recommended.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.