AIG Life Insurance coverage Overview – Forbes Advisor UK

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Who’re AIG?

Headquartered in New York and listed on the New York Inventory Trade, American Worldwide Group (AIG) is a century-old insurance coverage firm, serving over 80 nations. Its UK life insurance coverage arm, AIG Life Restricted, operates within the UK, Channel Islands, Isle of Man and Gibraltar.

In addition to promoting life insurance coverage merchandise for people, households and companies underneath the AIG Life model, the corporate is the identify behind Ageas’ life insurance coverage enterprise, in addition to journey insurers Direct Journey and Direct Automotive Extra Insurance coverage.

AIG Life Restricted is permitted by the Prudential Regulation Authority and controlled by the Monetary Conduct Authority and the Prudential Regulation Authority.

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What forms of life insurance coverage insurance policies does AIG provide?

AIG provides the next forms of life insurance coverage:

  • entire of life which pays out regardless of while you die
  • Stage time period – the place the potential pay-out stays the identical no matter when a declare is made, as long as it’s throughout the specified time period
  • Lowering time period – the place the potential pay-out reduces over the time period of the coverage, in keeping with excellent debt that you’re steadily paying off, equivalent to a capital and curiosity reimbursement mortgage
  • Rising time period – the place the potential quantity paid out will increase by a set quantity every year over the time period to account for rises within the fee of inflation
  • Over 50s – individuals on this age group are assured to be accepted as policyholders
  • instantaneous life there are fewer inquiries to reply through the utility course of and you’ll obtain a right away resolution on whether or not you’ll be coated.
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It additionally provides:

  • Household insurance coverage advantages like a time period insurance coverage coverage (see above) which pays out an agreed month-to-month quantity from the purpose of loss of life till the top of the unique time period
  • Essential sickness cowl – which pays out a tax-free sum on prognosis of significant sickness or harm
  • ‘Life Begin’ – AIG’s coverage which helps you get coated on a decrease finances, however may finally value greater than typical cowl.

How a lot life insurance coverage do I would like?

The quantity of life insurance coverage you want will rely in your monetary scenario.

When calculating how a lot cowl you require, it is essential to think about your revenue, your monetary commitments and obligations, how lengthy your dependents will want monetary help and the way a lot you might have in financial savings and investments.

You will must keep in mind the stability left in your mortgage, your different money owed, and payments and bills.

To provide you a serving to hand, our life insurance coverage calculator will information you thru the method of figuring out how a lot cowl you want in three simple steps.

How a lot does life insurance coverage value?

Life insurance coverage premiums can begin at as little as £5 monthly. The particular quantity you will pay will depend upon plenty of components, together with the coverage sort, the quantity of canopy you want, your occupation, well being and way of life.

The youthful and more healthy you’re, the much less you’ll sometimes need to pay.

To seek out out extra about how this works, learn our information on the price of life insurance coverage.

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Is AIG life insurer?

In line with Fairer Finance’s newest rankings, AIG’s life insurance coverage providing comes with a buyer expertise rating of 69%. It scores extremely for complaints dealing with (87.37%), however much less nicely for claims pay-out charges (68.50%) and transparency (50.63%).

On the Trustpilot overview platform, AIG Life Restricted scores 2.7 out of 5 stars. Prospects reward the service supplied and commend its advantages, however detrimental suggestions facilities on prolonged claims processes and rejected claims.

AIG paid out 99% of life insurance coverage claims, 97% of terminal sickness claims and 95% of crucial sickness claims in 2020, totaling £115.3 million paid to three,188 households, people and companies.

Ought to I take into account AIG for all times insurance coverage?

Earlier than taking out a life insurance coverage coverage, it is price checking if you have already got cowl. Some employers provide death-in-service cowl, which can pay out a tax-free lump sum to your dependents in case you cross away whereas working for the corporate.

Even in case you do have the sort of cowl, chances are you’ll need to purchase a separate life insurance coverage coverage to make sure you’re adequately protected.

It is all the time greatest to buy round and evaluate insurance policies from totally different insurers to get one of the best deal. It’s best to weigh up worth and canopy ranges amongst different components. Additionally verify if any advantages are included, equivalent to unintentional loss of life profit and terminal sickness cowl.

How do I contact AIG?

AIG’s customer support quantity is: 0345 600 6820. Its places of work are open between 9am and 6pm Monday to Thursday, and between 9am and 5.30pm on Fridays.

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Claims could be made by calling 0345 600 6815 or emailing
The corporate additionally has a Twitter account.

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Tailor cowl to fit your wants and acquire monetary safety to your family members

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