AIG Guaranteed Issue Final Expense Insurance

AIG Guaranteed Issue Final Expense Insurance

AIG Final Expense Insurance

AIG Guaranteed Issue Final Expense Insurance:  (American International Group) is one of the largest insurance companies in the world and is currently servicing over 90 million customers spread out over 100 countries and is one of the top companies when it comes to guaranteed issue final expense life insurance.  You can get a rate quote on this page or call 844-528-8688 for a personalized quote.  Keep reading to see if a AIG Guaranteed Issue Final Expense Insurance policy is the right fit for you.

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Although the insurance conglomerate needed the American taxpayers to bail them out during the market crash 10 years ago, the company was restructured and then able to pay back their debt to taxpayers with interest.

After restructuring their operations and paying off the company’s bailout debt, AIG’s ratings with the national rating services are once again near the top:

   Rating Company

Rating

Description

   A.M. Best

A

Excellent

   Standard & Poor’s

A+

Strong

 Moody’s Investor Services

A2

Stable

  Fitch

A+

Stable

AIG Final Expense Company Overview

Currently, AIG is marketing the company’s life insurance products under their subsidiary, American General Life Insurance Company.

This company has earned the popular vote of agents because their liberal underwriting makes it much easier for agents to place business with applicants who have less than perfect health.

By combining lab scoring with standard underwriting, American General is able to offer many clients favorable health classifications while many other well-known insurance carriers are unable to offer the better rate classes.

Final Expense High-Risk Applicants

In today’s marketplace where many applicants have placed their occupation over their health, AIG has become the go-to insurance carrier since so many applicants have health issues that are likely the result of paying more attention to their job instead of their health.

AIG is found to be very competitive for applicants who are dealing with typical health issues like sleep apnea, heart disease, and diabetes. They are also among a handful of insurers that take a liberal underwriting position when it comes to applicants using medical or recreational marijuana.

 Although American General Life Insurance offers very competitive term products, universal life insurance, and variable universal life insurance, in this article we will focus on the AIG Final Expense Insurance product.

AIG Guaranteed Issue Final Expense Insurance

The Guaranteed Issue Final Expense product is one of AIG’s most popular insurance coverage because of the number of seniors in the marketplace who have health issues that can often prevent them from qualifying for a preferred plan.

With AIG’s guaranteed issue life insurance, there are no medical exams or blood/urine tests because the applicant’s health history is not taken into consideration.

Overview of AIG Guaranteed Issue Final Expense Insurance

Face Amounts

$5,000 to $25,000

Issue Ages

50 to 85 years old

Medical Underwriting

No exam and no health questions on application

Premium Payments

Remain level for the life of your policy

Application Processing

·         Most applications are processed in 15 minutes or less

·         The company will accept payments via ACH, SS Debit Card, or Credit Card

·         Applicant can set delayed billing to preferable date

 

AIG Final Expense Policy Available Riders:

Terminal Illness Benefit

The terminal illness benefit provides for the insurance company to advance up to 50% of the death benefit if the insured is diagnosed with a terminal illness that is expected to result in the insured’s death within two years.

There is no waiting period for this benefit and no additional cost to the applicant. If this benefit is paid, the amount of the advance will be deducted from the death benefit paid to the beneficiary.

Chronic Illness Benefit

This rider provides for the insurance company to advance the insured 50% of the death benefit when diagnosed with a qualifying illness. There is no waiting period and no additional charge for this rider.

The Guaranteed Issue Final Expense Graded Death Benefit

Since the insurance company is accepting an unknown health risk, the company will charge a higher rate for the life insurance and have a 2-year waiting period for death due to natural causes.

If the insured dies from natural causes within the 2-year waiting period, the insurance company will pay the beneficiary 110% of all premiums paid to the company.

 Beginning the third year of coverage, the full death benefit is available for death from natural or accidental causes. The graded benefit does not, however, apply to an insured who dies as a result of accidental causes.

How Much does AIG Guaranteed Issue Final Expense Insurance Cost?

Since the company does not consider the applicant’s health history, only the age of the applicant and the amount coverage have an impact on the cost for AIG’s final expense insurance coverage.

Here are the actual rates for $10,000 in coverage for a male and female non-smoker:

Age of Applicant

Male Non-Smoker

Female Non-Smoker

50

$51.92

$35.83

55

$56.90

$43.23

60

$63.17

$50.02

65

$84.15

$61.57

70

$98.18

$74.52

75

$138.55

$107.17

80

$246.44

$175.42

85

$315.82

$199.06

Age of Applicant

Male Non-Smoker

Female Non-Smoker

50

$87.27

$68.02

55

$125.17

$95.34

60

$138.18

$110.15

65

$184.61

$135.37

70

$215.24

$163.60

75

$303.31

$274.58

80

$538.70

$383.77

85

$692.70

$437.18

You’ve probably noticed that the rates for women are always lower than the rates for men. This is because women tend to live longer than men and therefore the insurance company will be able to collect more premiums from them over time.

Why should I Buy AIG Guaranteed Issue Final Expense Insurance?

Guaranteed issue final expense insurance is a great solution for seniors who have severe or multiple health problems and cannot qualify for traditional life insurance. Since the policy is whole life insurance, the policyholder receives the same guarantees and benefits that traditional life insurance offers:

  • Life insurance coverage for a lifetime
  • Level premiums for the life of the policy
  • Builds cash value that can be accessed via policy loans or withdrawals.
 For more information about AIG Guaranteed Issue Final Expense Life Insurance, please contact the insurance professionals at LJM Life Insurance at (844) 528-8688 during normal business hours or contact us through our website at your convenience.