AIG
life insurance
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Term life insurance is a form of cover that pays out a lump sum to your loved ones if you pass away during a set term.

Hence, if you outlive your policy no pay out is issued.

The term length with AIG can be set between 2 - 70 years but must end before your 90th birthday.

AIG term cover is available to applicants aged 17 - 86 and can be taken out as either a single or joint policy.

The policy can be taken out with either a level, decreasing or increasing sum assured (pay out amount).

If securing AIG term life insurance through Reassured, cover is available to those aged 18 and over with the option of level or decreasing term. increasing term life insurance isn’t something that we currently offer.

Learn all about level, decreasing and increasing policies below...

Decreasing term life insurance provides a reduced sum assured each month or year throughout the term of the policy.

Although your sum assured will decrease, the cost of your premiums will remain fixed throughout the policy.

Decreasing term tends to be the cheapest form of cover because the risk to the insurer reduces over time.

If you’re on a tight budget and only need protection for a set period of time; for example, to help cover a repayment mortgage, this could be a good option.

With AIG, you can choose the interest rate in which you wish your sum assured to be decreased; from 5% to 15%.

AIG doesn't offer decreasing term for second event policies or on policies with a two-year term.

At Reassured, we can help you arrange affordable decreasing term cover, simply contact us today.

Whole of life insurance, also known as whole of life assurance, provides cover for life, rather than a set period of time.

It, therefore, guarantees a pay out to your loved ones when you pass away, (and not if).

Whole of life through AIG is available to applicants aged 17 - 84 and can be taken out as single or joint life cover.

Unusually, AIG offer a whole of life policy with either level or increasing cover.

With level cover, the sum assured remains fixed throughout the policy.

And with increasing cover, the sum assured would increase annually in line with the Retail Prices Index (RPI), up to a maximum of 10%.

Reassured can compare quotes for whole of life cover from multiple insurers including AIG.

Although AIG offer cover to those aged 17, you must be aged 18 and over to secure life cover through Reassured.

AIG care cover with whole of life

AIG offer the option to add care cover to your whole of life policy.

With care cover you can make an early claim of 75% of the sum assured, up to £300,000, if you have an accident or an illness and require life-long care.

If you have care cover and a claim is not made, 100% of the sum assured will be paid out on your passing.

If you choose to have care cover with whole of life insurance, the maximum sum assured is £400,000, with an additional £300,000 for care cover.

Only one of these sums will be paid out, whether you make a claim on death or a terminal illness, or for care cover.

Instead of paying out a fixed lump sum like other policies, family income benefit pays out a fixed, tax-free monthly income to loved ones.

Family income benefit may be suitable if you have dependants who rely on your income and who’ll need to budget for mortgage repayments and living costs.

FIB is term-based and with AIG the length of cover can be from 3 - 70 years, (but must finish before your 90th birthday).

You must be aged 18 and over to secure AIG family income benefit through Reassured.

With AIG you’ll also be able to select a level or decreasing sum assured for your policy.

Level cover means the monthly payments will remain fixed throughout the policy. Increasing cover means payments will increase by 5% each year.

As with level term insurance, life start term insurance pays out a fixed lump sum if you pass away during the policy term.

However, life start allows you to take out a higher sum assured for a more affordable premium.

Your premiums would then increase throughout the term of the policy as the risk to AIG increases.

This may mean it’ll cost more than a standard life insurance policy, depending on the length of the cover.

It’s possible to reject an increase of your premiums (up to three occasions), but this will mean your sum assured will also not increase during that year.

An AIG life start policy term can be from 3 - 70 years.

AIG term and whole of life insurance comes with terminal illness cover as standard.

Terminal illness cover allows you to make an early claim on your life insurance if you’re diagnosed with an illness and expected to die within 12 months.

The life insurance pay out can be used in any way you wish to help make your last days more comfortable, such as hiring a home carer or paying for private medical care.

It’s possible with any term life insurance policy secured through Reassured to add critical illness cover at extra cost, for additional protection.

Critical illness cover (CIC) provides a tax-free lump sum if you're diagnosed with a non-life-threatening illness.

AIG offer CIC with term insurance, CIC start with term insurance and Key3 critical illness insurance.

AIG critical illness with term insurance will cover you for over 100 illnesses and operations, including cancer, heart attack and stroke.

You can also choose to add on critical illness cover for your children up to £35,000, for an additional cost.

CIC with term insurance can be taken out by applicants aged 17 - 75 years old, but the policy must end before their 86th birthday. However, if securing cover through Reassured you must be aged 18 and over.

The term length for this type of policy is from 3 - 50 years.

This policy from AIG covers the three most common critical illnesses; cancer, heart attack and stroke.

You can take out Key3 separately to your life cover, so that you can make an individual claim for critical illness (and your life cover will remain in place).

Key3 without life cover will pay out 2 weeks after diagnosis. Key3 with life cover will only pay out once for either a critical illness, terminal illness or death.

To be eligible for this type of cover you'll need to be aged between 17 - 75 and the term length is 3 - 50 years.

Again, you can choose either level, decreasing (5% to 15% each year), or increasing (5% each year) sum assured.

Standalone critical illness cover isn’t currently offered through Reassured, but we can help you compare life insurance with critical illness cover from top UK providers (including AIG).

There are a number of benefits you can enjoy as an AIG policyholder, some that are included in your policy and some that are at the discretion of AIG.

Included in every policy;

PDG Funeral Pledge

It can take many months for funds to be released from your estate (due to probate) and without a funeral plan in place, your family may struggle with the initial expense of your passing.

As part of the Protection Distributors Group (PDG) Funeral Pledge, AIG will release £10,000 of your claim in advance to cover costs.

Claims support fund

This is a contribution of up to £300 for services you may need during a period of serious illness.

Additional benefits separate to your policy;

Smart Health

Smart Health is a 24/7 online health service in which you've access to free health checks, GP services, personalised fitness programmes, mental health support and more.

Best Doctors

You can access Best Doctors for a second medical opinion to ensure you get the right diagnosis and treatment.

Winston’s Wish

Winston’s Wish is a charity that would provide specialist support to your children during a bereavement.

Bear in mind that Smart Health, Best Doctors and Winston’s Wish benefits can be taken away at the discretion of AIG.

Remember, you won’t be able to arrange life insurance through AIG directly, only through a broker such as Reassured.

Please note, you’ll have access to these benefits if you take out an AIG policy through us.

Like most life insurance providers, AIG offer you the choice to write most of their policies in trust.

In short, writing your policy in trust gives you more control over who benefits from the policy, as well as when or how the proceeds are distributed.

This is by nominating a person you trust (a trustee) to manage the policy after you pass away.

At Reassured, we can provide all the information and guidance you need to write your AIG life insurance in trust, if eligible.

We can help you through the application process, explain any legal jargon and answer any questions you may have.

AIG Life Limited is authorised and regulated by the Prudential Regulation Authority (PRA) and by the Financial Conduct Authority (FCA).

For further protection, AIG products are covered by The Financial Services Compensation Scheme (FSCS), should AIG be unable to uphold their end of their contract with you.

Reassured's life insurance brokerage is also regulated by the FCA.