AIG Life’s life insurance options
An AIG Life Insurance review cover shows they offer seven broad categories of cover including:
AIG Life Insurance policies pay out a lump sum to your family or other beneficiaries in the event you die within the term of the cover. As with any life insurance review, the policy will be seen to contain terms and conditions confirming the situations covered and those which are not.
It also provides a payout in the event you are diagnosed with a terminal condition (defined as being one with a prognosis of having 12 months or less to live).
The amount you select as cover and the period over which it is applicable (the term) is decided by you.
Note that at times AIG Life refers to this as “term life assurance”. For the avoidance of doubt, “Life Insurance” is usually taken to mean cover against an event that may or may not happen, such as your premature death. “Life Assurance”, more rarely used today, usually means something that is certain to happen at some stage – such as your death even if perhaps in very old age.
You can add both serious illness and income protection cover to the plan – see below
Criticall Illness with life insurance
This option from AIG Life provides:
- a payment to you or your family if you suffer a serious illness or are diagnosed with a terminal illness (specified conditions apply);
- a lump sum if you die;
- automatic comprehensive cover for any children you have now or in the future, is standard
An AIG Life Insurance review also highlights this option.
Should you be unable to work, you will typically be able to claim up to 50% of your normal gross income as replacement funds to help you and your family survive.
The cover will continue until you are fit to return to work up to a specified maximum period. Qualifying terms, limits and conditions will apply.
Family Income Benefit
A life insurance review of AIG Life’s options should also highlight that it’s possible to take out life insurance but have the benefit paid in monthly income to your family in the event of your death.
In some situations, that may simplify the financial challenges of managing a large sum of money.
For an additional fee, AIG Life can also provide additional options relating to your security of income:
- total disability. This can be added to your critical illness policy to provide an element of income protection should you be too ill to work. It can pay up to 50% of your pre-tax monthly income before you became incapacitated. It’s not as comprehensive as income protection but it may carry reduced premiums;
- total permanent disability can be added to critical illness when you first take out the cover. It provides protection in the event of you becoming unable to work ever again, in which case your policy would pay out the full value of the policy;
- waiver of premium. If you were ill for a long time and unable to work, AIG Life could cover the cost of your premiums while you were receiving payments.
Over Fifties Life Plan
Your review of life insurance might wish to consider the Over Fifties Life Insurance Cover.
It is typically aimed at policyholders who perhaps no longer have the major financial burdens of a young family and large longer-term mortgage. It provides a lump sum upon your death to help those you leave behind to cope with things such as funeral expenses and your perhaps typically more modest debts.
Whole of life cover
This type of policy offers a lump sum payment in the event of your death but it is typically not linked to a specific term as such.
Once again, it is aimed at those who are looking to leave a more modest sum behind them to help their loved ones cope with funeral expenses etc.
However, it is possible to add “care cover” as an option here. That might help to protect your assets if you required ongoing permanent medical or career assistance.
- all AIG Life’s policies of this type offer lump-sum or monthly income payments by way of benefit. They are NOT savings products and they have no cash-in value at any time.