AIG Life Insurance Review / American General’s Plans & Rates

About AIG Life Insurance

About AIG Life Insurance

Founded in 1919, AIG is among the largest insurance companies in the world, serving millions of customers in over 70 countries.

This giant insurer provides clients with customizable life insurance policies that fit most financial situations.

In 2022, AIG revealed its plans to rebrand the parent company of AIG Life and Retirement as Corebridge Financial as part of its shift into a public company.

So, what does AIG stand for anyway?

AIG stands for American International Group, Inc., a multinational finance and insurance corporation.

AIG is the marketing name for American International Group’s property-casualty, life, and retirement businesses. 

AIG Life issues policies in all states except New York through the American General Life Insurance Company (AGL).

American General headquarters are located in Houston, Texas, with other prominent locations in Nashville, TN, and Milwaukee, WI.

AIG sells policies in New York under its sister company, The United States Life Insurance Company in the City of New York (U.S. Life). 

AIG directly markets American General life insurance policies through independent local agents or to consumers from its call center, AIG Direct. 

AIG Financial Ratings

An insurance company’s financial ratings give a consumer an idea of how it will meet its future financial obligations and payout claims.

A.M. Best, Standard & Poor’s, and Moody’s have finished their annual AIG insurance reviews and determined the insurance giant is in an excellent financial position to pay claims policyholders. 

The most well know insurance rating company is called AM Best. They give AIG an A rating, one of the best grades possible. This means that AIG has a superior ability to fulfill its customer obligations. 

Credit analysis firm Standard & Poor’s has awarded AIG a rating of A+, meaning their ability to meet financial obligations is really strong. 

Moody’s also confirmed its stable outlook with an A2 insurance financial strength rating of Corebridge and its life insurance subsidiaries. 

It should be mentioned AIG’s Life & Retirement business, which is now Corebridge Financial, will consist of several insurance companies.

• American General Life Insurance Company
• United States Life Insurance Company in the City of New York
• The Variable Annuity Life Insurance Company (VALIC)

According to AM Best, all the companies in the Corebridge family are financially stable and have an A (Excellent) rating.

Corebridge Third-Party Ratings

We also look into independent third-party customer rating sites to get insurance buyer’s opinions about their chosen insurance company.

After Corebridge Financial’s initial public offering, they have assumed all of AIG’s life and retirement business.

Since Corebridge is a new company, it has not accumulated third-party reviews.

Nevertheless, AIG’s ratings can still be used to gain insight into the company’s products and services.

Most of AIG’s colossal customer base seems primarily satisfied, but many consumer complaints and negative AIG life insurance reviews certainly exist.

• Better Business Bureau is a non-profit organization that ranks companies based on truth in advertising and commitment to solving client disputes. The BBB rating of AIG is currently A-.
• Consumers Advocate rates companies based on reputation, stability, and policy coverage. With a 4.9 out of 5 rating, they’re delighted with AIG.
• Consumer Affairs lets customers directly rate companies. With a 2.7 out of 5 ratings, they’re a little less excited about AIG. 
• J.D. Power rates insurance companies based on product offerings, price, clarity of communication, and application process. AIG received a score of 742 out of 1000, which is below the average industry rating. 
• The National Association of Insurance Commissioners (NAIC) tracks complaints submitted to the various state insurance departments. AIG’s score of 3.39 means the NAIC has received over three times more complaints than the average company.

 What do independent ratings really mean?

These AIG insurance reviews are somewhat mixed, and most of these customer complaints stem from questions not answered on their existing coverage. 

It is much more critical for policyholders to evaluate the claims-paying ratings from major rating agencies like AM Best, Standard and Poor’s, and Moody’s.

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