American General Life Insurance: Types of Life Insurance Sold by American General

If it’s your first time hearing of American general life insurance, this article is for you. This insurance company was formerly known as American Asiatic Underwriters, which would later become American International Group (AIG).

American General Life insurance

However, the company was established on December 19, 1919, in a small office, on a steamship in Shanghai. Seven years later, it opened its first office in the U.S. and was called American International Underwriters (AIU).

American General Life insurance

However, American general life insurance is part of the American International group. This company is an international finance and insurance firm operating in more than 80 countries.

They offer a variety of life insurance policies, which include term life insurance, universal life insurance, and whole life insurance.

Furthermore, quotes can be requested online, but they will be forwarded to an agent who will contact you with a quote.

Types of Life Insurance Sold by American General

The following are the type of life insurance you can purchase at American general company:

  • Term life
  • Guaranteed issue whole life
  • Indexed universal life
  • Guaranteed universal life

American Genera’s Term Life Insurance

What do you understand by term life insurance by the American general? However, it is a simple option if you are looking for life insurance to cover a specific period in your life.

For instance, if you desire enough coverage to provide your family with income replacement should you pass away. In that situation, a term life insurance policy with a term that spans your working year is a possibility.

Select-a-Term, a term life insurance plan offered by AIG, has 18 distinct term duration options. With 16 incremental options in between, durations starting at 10 years can be purchased up to 35 years. Customers 18 to 80 years old can purchase this product. The Select-A-Term policy is yearly renewed after your term expires up until age 95. The minimum death benefit coverage amount is $100,000.

American General’s Guaranteed Issue Whole Life Insurance

Whole life insurance, how does it sound? Like your whole life!  However, this type of insurance can be an appealing option for people seeking permanent life insurance with some guarantee.

This whole life insurance offers guaranteed death benefits, premiums that do not increase, and a guaranteed rate of return on your cash value.

Final expense protection, commonly known as guaranteed issue whole life insurance from American General, offers acceptance between the ages of 50 and 80, with coverage ranging from $5,000 to $25,000. This means that there are no medical standards and that everyone who meets the age requirements will be accepted regardless of their physical condition.

Your beneficiaries will receive 110% of the premium paid if you die within two years of the policy purchase. This type of pay is known as graded death benefits. Then after two years, they will receive the full death benefit.

American General’s Guaranteed Universal Life Insurance

The potential for flexible premiums and death benefits amounts to specified limits known as guaranteed universal life insurance. This type of insurance is cheap because there may be minimal cash value gains.

However, the minimum death benefit is $100,00. It also gives an adjustable death benefit and is available to buyers ages 18 to 80.

The AGI’s secure lifetime GUL 3 includes a flexible premium where you can vary premium payment amounts and payment frequencies. Furthermore, it comes with various guarantees which are death benefits guarantee, premiums, flexibility, and minimum interest rate for cash guaranteed.

American General’s Indexed Universal Life Lnsurance

For those looking for a death benefit that will grow, indexed universal life insurance is the right option for the death benefit, like the S&P 500. However, it’s coming with the flexibility to vary premium and death benefits.

Customers between the ages of 18 and 80 can purchase American General’s Max Accumulator+, which has a $50,000 minimum death benefit. Depending on your demands, you can choose between two types of death benefits: level or growing.

You can choose 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% when investing for cash value accumulation. Your allocations are always subject to change.

American General’s Life Insurance Riders

Life insurance riders are options for buyers who want to supplement their life insurance policy with additional coverage or features. Rider availability may differ depending on the policy type. AIG’s riders are listed below.

Rider for Accidental Death Benefit

The Accidental Death Benefit rider from American General is an option for people looking for additional coverage above the base limit for accidental death coverage.

Rider for Child Life Insurance

American General provides a child life insurance rider with a death benefit for children ages 15 days to (but not including) 19 years old.

Disabilities Rider

The Enhanced Disability Benefit rider from American General helps you avoid losing coverage if you are unable to pay your premiums on life insurance policies due to disability.

Early/Enhanced Cash Value Rider

If you need to surrender your policy within the first few years, this rider provides a higher surrender value.

Lapse Protection Rider

If you miss a premium payment and there is insufficient cash value to cover it, the Lapse Protection rider assists you in avoiding lapses, if applicable based on the policy type.

Maturity Extension Rider

This rider allows you to extend coverage beyond the maturity date, but there will be no monthly deductions or new premium payments.

Overloan Protection Rider

This rider protects you from policy lapses if you borrow money from your cash value and there isn’t enough left to cover policy fees.

Return of Premium Rider

If you outlive your term life insurance policy, AGI’s Return of Premium rider will reimburse you for the premiums you paid.

Spouse/Other Insured Rider

This rider covers you and your spouse or children. You will receive a death benefit if you name your spouse or children in the rider.

Terminal Illness Accelerated Death Benefit Rider

If you become terminally ill and have 24 months or less to live, American General’s Accelerated Death Benefit rider makes your death benefit available sooner.

Waiver of Monthly Deductions

This rider will pay your monthly charges if you become disabled for at least six months in a row.

Waiver of Premium Rider

If you have a term life insurance policy and become disabled or unable to work, American General’s Waiver of Premium rider allows you to keep your insurance coverage even if you are unable to pay your premiums for an extended period of time.

How to Get a Quote Online at American General’s Life Insurance

The process is very simple. All you have to do is follow the steps below;

  • Go to the official website of American General Life insurance
  • When you get to the home page of the website, click on the icon labeled “get a quote”
  • This will lead you to a new page, follow the steps on the screen to complete your process.

Frequently Asked Questions

What Is American General Called Now?

The American General life insurance is now called the American International Group.

Does AIG still exist?

American International Group, Inc. (AIG) is a global insurance conglomerate. AIG member companies offer property and casualty insurance, life insurance, retirement solutions, and other financial services to customers in over 70 countries and jurisdictions.

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