American General Life Insurance Review 2023
- Term life
- Guaranteed issue whole life
- Indexed universal life
- Guaranteed universal life
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American General’s term life insurance
Term life insurance is a simple option if you’re looking for life insurance to cover a specific period in your life. For example, suppose you want enough coverage to cover income replacement for your family if you die. In that case, a term life policy with a term that covers the remainder of your working years is an option. After the term expires, you can always renew or get a new policy, but you should prepare for increased premiums. Term life insurance does not build cash value, and as a result, it is often the cheapest type of life insurance to purchase.
AIG offers a term life product with 18 different term duration options called Select-a-Term. You can buy terms as low as 10 years, all the way up to 35 years, with 16 incremental choices in between. This product is available to buyers between the ages of 18 and 80. At the end of your term, the Select-A-Term policy is renewable annually until age 95. Death benefit coverage amounts begin at $100,000.
AIG is included in Forbes Advisor’s reviewed list of best life insurance companies. Here’s a look at American General’s term life insurance rates for various ages and amounts.
American General 20-year Select-a-Term life insurance rates by age and amount
American General Select-a-Term life insurance rates compared to competitors
American General’s term life rates are competitive with other top life insurance companies, helping them to earn a spot on Forbes Advisor’s best life insurance list.
American General’s guaranteed issue whole life insurance
Whole life insurance can be an appealing option for people seeking permanent life insurance with some guarantees. It offers a guaranteed death benefit, premiums that do not increase and a guaranteed rate of return on your cash value. However, guaranteed issue whole life insurance products are a bit different in that they sometimes do not include a cash value component.
American General’s Guaranteed Issue Whole Life Insurance product, also known as final expense protection, offers guaranteed acceptance between ages 50 to 80, with coverage from $5,000 up to $25,000. That means there are no medical requirements, and as long as you meet the age requirements, you will not be turned down regardless of health or medical issues.
If you die within two years of the policy purchase, your beneficiaries will receive 110% of the premiums paid. After the first two years, they will receive the full death benefit. This type of pay out is called a graded death benefit. Premiums for AIG’s whole life product are guaranteed not to increase
American General’s guaranteed universal life insurance
Guaranteed universal life insurance offers the potential for flexible premiums and death benefit amounts, up to specified limits. Because there may be minimal cash value gains in this type of life insurance, it is usually cheaper than other universal life products.
Secure Lifetime GUL 3 includes a flexible premium where you can vary premium payment amounts and payment frequencies. The minimum death benefit is $100,000. It also offers an adjustable death benefit and is available to buyers ages 18 to 80.
AGI’s Secure Lifetime GUL 3 comes with various guarantees:
- A guaranteed death benefit
- Guaranteed premiums
- A flexible continuation guarantee benefit allowing you to determine how long your death benefit is guaranteed
- Guaranteed minimum interest rate for cash value accumulation of 2%
American General’s indexed universal life insurance
Indexed universal life is an option for people looking for a death benefit that will grow (or decline) with an index, like the S&P 500. It also includes the flexibility to vary premiums and death benefits. Participation caps and fees are commonly associated with indexed universal life insurance products.
American General’s Max Accumulator+ is available for buyers ages 18 to 80 and has a minimum death benefit of $50,000. There are two death benefit options you can select from based on your needs—level or increasing.
For cash value accumulation, you will select your investments from four accounts with performance based on the S&P 500 and a declared interest account with a fixed minimum interest rate of 2%. You can change your allocations at any time.
AGI’s Value+ Protector is another AGI indexed universal product, and it comes with various guarantees and higher coverage amounts for buyers ages 18 to 85. The minimum death benefit amount is $100,000.
You can select cash value investment options based on your risk tolerance. Both the investment strategy for those more risk-tolerant, called the par strategy, and for those less risk-tolerant, called the cap strategy, are tied to the S&P 500. Its fixed interest account guarantees a minimum interest rate of 2%.
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