AIG Guaranteed Universal Life Insurance Reviews

AIG Guaranteed Universal Life Insurance Reviews

AIG Guaranteed Universal Life Insurance Reviews

AIG is one of the top life insurance companies available today. Are they the right company for you?  We hope to answer that question by putting together our AIG Guaranteed Universal Life Insurance Reviews so you can make an informed choice.  AIG’s GUL product is called the Secure Lifetime GUL 3. It is American General’s main GUL product that we’ll be reviewing. 

This post is just one GUL review. We have a huge series of reviews for the top companies that sell guaranteed universal life insurance.  To learn more about GUL products (also known as Term to 100 or Lifetime Term) please read an overview of GUL here.

What company is the best?

Are you just looking for the best Guaranteed Universal Life insurance companies? We reviewed the top rated GUL companies right here.

American General Life Insurance Company

Cost
Products
Financial Strength
Review Summary

Owned by the American International Group, AIG is one of the top rated life insurance companies available. Across the board, AIG is frequently in the Top 10 for most affordable coverage.

88.67
Excellent!
american general life insurance

American General Overview

American General Life Insurance (also known as AIG) was one of the first life insurance carriers in the U.S. that offered consumers a few policy types to choose from. American General Life Insurance Company, along with their parent company- American International Group (AIG), has been in the life insurance and financial business for over 160 years. Over this time, AIG has paid out over $39 billion in life insurance claims.

Guaranteed Universal Life (GUL) is a type of universal life insurance- but doesn’t have the market risks of UL.

Your premiums remain the same with GUL just like term life. With a GUL, you get coverage with a “no-lapse” guarantee. This means that if you pay your insurance premiums, you’ll always be covered. GUL is not made for cash value and it resembles and functions similarly to term life insurance. Term life insurance only covers you for a set number of years. GUL covers you to a specific age such as: Age 90, 95, 100, 110, or 121.

American General GUL Products

AIG offers life insurance shoppers 2 guaranteed universal life insurance products: AIG Secure Lifetime GUL 3 and the AG Secure Survivor GUL II.

Overview: 

Issue Ages

Ages 18-80

Minimum Benefit Amount

$100,000

Coverage Lengths

Ages 95, 100, and 121

Maximum Benefit Amount

Over $10,000,000

Financial Strength Ratings

  • AM Best: A
  • Moody's: A2
  • Standard & Poor's: A+
  • Fitch: A+

How to choose? If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.

Health Class Ratings

Life insurance classifications are important because they affect your premium. The better your health class rating, the lower your premium will be with. All companies (including AIG) classify you differently.

These are the health classes that are offered with American General:

  • Preferred Best
  • Preferred
  • Standard Plus
  • Standard
  • Substandard
  • Non Tobacco & Tobacco

Sample Rates

Now let’s look at how much the AIG Secure Lifetime GUL 3 can cost. Below are some sample annual rates for a healthy non smoking 46 year old man.

Death Benefit

to Age 90

to Age 100

to Age 121

$100,000

$933

$942

$990

$500,000

$3278

$3735

$4015

$750,000

$4915

$5717

$6198

Make sure to use an independent life insurance agent that can shop from all the top life insurance companies. They will be able to provide you unbiased recommendations based on your specific health, age, and needs.

Life insurance rates depend on many factors. The life insurance company you choose is a major factor because each company rates you differently. Someone with diabetes may qualify for different rates depending on each company they apply with.

Learn more about life insurance shopping.

Advantages

  • Benefits
  • In addition to the policy guarantees, your Secure Lifetime GUL 3 policy offers a couple ways to get guaranteed benefits while you’re still living! You could be the beneficiary of your own policy with their living benefits.
  • Accelerated Access Solution  What if you get really sick at some point in your life? If you happen to get a chronic illness condition, your Accelerated Access Solution rider can provide you access to the tax-free death benefit from pre-determined monthly payments. How does it work? For as long as you’re ill or until the death benefit is exhausted- but if you pass away, your remaining death benefit will be paid out to your beneficiary.
  • Lifestyle Income Solution There’s no question that people are living longer then ever. The Lifestyle Income Solution rider can help you make those additional years better. Starting at age 85, it provides you to make your death benefit into a stream of extra income that can be used for any purpose. The payments are usually tax-free up to the amount of cumulative premiums. As before, any remaining death benefit will be paid to your named beneficiaries.

Disadvantages

  • One of Many

AIG is just one of many life insurance companies in the market. They don’t offer every option and they aren’t always priced the best. Depending on your health and age- another carrier may give you a better deal.

Life insurance underwriting is the process of a company looking at the level of risk you present to the insurer. Once they can determine your risk level- they can decide the cost of the premium for you. This is similar to how a car insurance company will ask you if you have had any previous moving violations, accidents, DUI or license suspensions before providing you your final rate.

Learn more: Underwriting

Underwriting Information

 

Not all life insurance companies will look at you the same. AIG and every other company has their own underwriting guidelines. Here are American General’s underwriting strengths and weaknesses:

Strengths

These conditions typically get a better rating compared to the competition:

  • SCUBA divers can get Preferred Plus if they dive less than 100 feet.
  • Diabetes- Well controlled & may qualify Standard Plus – Table B
  • AIG can go up to $1 Million of coverage for a non-working spouse
  • Cigar Smokers (1x per week)
  • Their “Better Choice Preferred” program is beneficial. Many mild impairments like asthma, anxiety/depression, elevated liver function tests, epilepsy and treated sleep apnea can get “Preferred” rates when other companies approve Standard.

Weaknesses

These conditions may get a better rating with another carrier:

  • Cigarette Smokers
  • Diabetes that is not under control
  • Two or more DUIs in past 2 years

Life Insurance Riders

Let’s look at what life insurance riders are available with this guaranteed universal life insurance policy.

  • Terminal Illness Rider
  • Accidental Death Rider
  • Waiver of Premium Rider
  • Spouse Rider
  • Accelerated Death Benefit

Life insurance riders are some additional benefits that can be added to a life insurance policy. Some riders are included for free and some are an additional cost. These riders provide you the ability to increase or limit the insurance coverage of your policy. Not all companies offer every rider.

Learn more: Life Insurance Riders

How to buy the best Guaranteed Universal Life policy?

 

We cannot stress enough the importance of using an independent life insurance agent to help you choose the right GUL product at the most affordable price possible. 

Independent life insurance agents have access to multiple companies. We know which life insurers offer the best rates when it comes to buying guaranteed universal life insurance.

We hope this article gives you a good overview of guaranteed universal life insurance. GUL policies are a great solution for many shoppers that can provide protection for your loved ones.

About Life Insurance Blog

 

Life Insurance Blog is an impartial life insurance broker who represents dozens of life insurance companies. We help our customers pick the best life insurance carrier and options that’s right for them. We do not push any companies because we have access to all the top life insurance carriers. We don’t try to put shoppers into a plan that is not suitable for their goals and needs. Our number one concern is our clients and future policyholders.

We offer you free life insurance consultations and work with you to understand your goals and then help you with an appropriate recommendation.  So, what are you waiting for?  Contact us today or visit our Life Insurance Quotes page and see how we can help you!

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Michael Quinn

Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. Please email or call us at 888-411-1329. We're here to answer your questions & help you get the best policy available.