AIG is currently ranking #1 on our list of best guaranteed universal life insurance companies. See the full guide here.
Quick Summary: AIG has one of the top guaranteed universal life insurance policies on the market right now (2019). American General is a trusted name, on a strong financial footing. The rates are competitive, the underwriting is fair, and you get the option to receive all your premiums back in the future if needs change. Definitely one of our top products for GUL clients.
About the Company - American General
The American General life insurance company was founded in 1919 and does business both internationally, and at home in the United States. They are a trusted name offering a wide range of both life insurance other financial products.
Despite massive growth and profit, AIG found itself among other large companies who needed a government bailout in 2008 when the sub-prime mortgage crisis led to big investment losses related to collateralrized debt obligations.
AIG was able to pay back their $85 billion loan to the federal government and is considered to be in excellent financial shape today. A.M. Best gives American General an A+ rating and they currently have over $500 billion in assets under management.
What is Guaranteed Universal Life Insurance? (expand to learn more)
Also known as GUL or "No Lapse", these policies are a simplified version of traditional universal life insurance. A good fit for people who desire the peace of mind of permanent life insurance and want to know the death benefit will always be there.
With guaranteed universal policies, there is no investment component so you don't have to worry about performance of interest rates. These products are attractive because they are simple and easy to understand. There is a guaranteed premium payment that doesn't change and a guaranteed death benefit that will cover you up to age 121, so basically for "life"
Expect the cost to be higher than basic term life insurance but much cheaper than whole life or non-guaranteed universal life policies. Learn more about the Pros and Cons of guaranteed universal life insurance.
About the AIG Secure Lifetime GUL 3 Policy
Secure Lifetime GUL 3
$100,000 to $10,000,000+
18 to 80
To age 90, 95, 100, 105, 110, or 121
AIG Underwriting Secrets
Overall, American General has good and fair underwriting guidelines. When choosing the carrier for your GUL policy, it's important to know the strengths and weaknesses for certain health issues as these can really affect the rate you pay.
The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably. Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.
AIG underwriting is competitive and lenient in the following areas:
American General Life Insurance company is NOT so good if you are dealing with any of these impairments:
Cost - Sample Rates
Sample Guaranteed Universal Life Insurance quotes - AIG
45-year-old male at Preferred health class - pricing listed is per month
to Age 90
to Age 100
to Age 121
55-year-old female at Preferred health class - pricing listed is per month
to Age 90
to Age 100
to Age 121
Our custom quote tool on this page displays only guaranteed universal quotes so you can cut through the clutter. Please note that some carriers do not allow us to display their rates online. We will discuss if there are other options that might be a better fit.
Return of premium option included at no cost
Company is considered extremely strong financially
Not a good fit for certain health and lifestyle conditions
Extras and Options
American General has some unique benefits included in this policy that offer really nice value to policy-holders.
Automatically Included at No Extra Cost
Return of Premium - If your needs change in future and you no longer need the life insurance coverage (or just need extra cash), you may surrender the policy in year 20 and receive 50% of your premiums back.
In year 25, you have the same option to turn in the coverage but will receive 100% your paid premiums. There is a maximum of 40% of the death benefit but this doesn't apply to most people.
Many insurance companies charge extra for this ROP rider, whether you end up using it or not. AIG gives it to everyone at no cost.
Option to Decrease Death Benefit - Later in life you may decide you don't need as high of a death benefit. AIG allows you to reduce the death benefit and your premiums payment will be lowered as well.
Additional Options - At a Cost
Customize your policy further by adding riders that allow you to take benefits while still living. These riders DO increase your monthly premiums.
Accelerated Access Solution - If you are diagnosed with a chronic illness, this rider allows you to take a portion of the death benefit to help with costs, while still living. The death benefit will be reduced proportionately.
Lifestyle Income Solution - Starting at age 85, use the death benefit as a supplemental income stream. The funds may be used for any purpose. The Remaining death benefit will be reduced proportionately.
How To Make Sure You Choose the Right Guaranteed Universal Life Insurance Policy
The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.
Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.
To get started, fill out a quote request and we'll be in touch soon to help.