AIG Life Insurance Review
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AIG Life Insurance Review

American International Group, also known as AIG, was founded in 1919 and is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. Their headquarters is in New York, and they employ around 45,000 people. AIG has been operating in Europe for more than 65 years.

AIG Life Insurance Overview

AIG's YourLife Plan offers a highly comprehensive policy with many additional free benefits. There is also the more economic option of the Life Start policy, where premiums increase as you get older.

Policy Details

  • Life Cover and Terminal Illness Cover: Critical Illness cover can be added at an additional cost.
  • Policyholders Age: You can take out a policy from 17 years of age.
  • Maximum Age: The maximum entry age for a policy is 86 years of age (75 if the policy includes Critical Illness Cover).
  • Types of Cover: AIG offers Decreasing Cover, Level Term, Increasing Term Cover, and Family Income Benefit policies.
  • Policy Term: The length of time your policy can run for can be between one and 50 years.

Awards and Recognition

  • 5-star rating from independent rating firm Defaqto.
  • Outstanding Insurer of the Year - LifeSearch Awards 2020.
  • Best Individual Life Insurance - Cover Excellence Awards.
  • Best Critical Illness Provider - LifeSearch Awards 2020.

Key Benefits

  • Life Change Benefit: Allows you to increase your benefit if, for example, you get married, have children, or buy a bigger house.
  • Separation Benefit: If you have a joint policy and go through a separation, you can split into two separate policies (within 6 months of separation).
  • Indexed/Increasing Cover: You can choose increasing benefit cover, where AIG increases your benefit by 5% every year, and premiums are reviewed annually to ensure inflation won't make your benefit worth less in the future.

Free Benefits

AIG offers lots of additional benefits for free with your policy, including:
  • Best Doctors: Access to Best Doctors for a medical second opinion to help get the right diagnosis, treatment, and care.
  • Funeral Pledge: AIG pays up to £10,000 of a valid claim in advance, towards funeral costs.
  • Claims Support Fund: A discretionary £300 towards services and wigs after cancer treatment.
  • Smart Health: SmartHealth is the health and wellbeing service from AIG and includes Digital GP, fitness and nutrition plans and advice, mental health support, and health checks.

How to Make a Claim

To start a claim over the phone, you can call AIG Monday - Thursday 9am - 6pm, or Friday 9am - 5.30pm, except UK bank holidays.

Frequently Asked Questions

  • Out-living Your Term Life Insurance Policy: Term Life Insurance policies do not provide a cash sum if you are still alive at the end of the term.
  • Difference Between Over 50’s and Whole of Life Cover: Whole of Life cover tends to have cheaper premiums over an Over 50’s plan.
  • Adding Critical Illness to Life Insurance: Critical Illness cover can be added separately.
  • Beneficiary for Children: Setting up a Life Insurance policy in trust allows you to select who would hold the money for your children until they reach a certain age.
  • Impact of Smoking and Vaping on Premiums: Smoking or vaping may result in higher premiums due to health risks.
  • Premiums: Premiums can be fixed (guaranteed) or reviewable over the course of the policy.
  • Taxation on Payouts: Life Insurance payouts are generally not taxable.

Before making any decisions, it's recommended to speak with an expert advisor to determine which policy best suits your needs and circumstances.

One of the most effective ways to protect family's finances

Many UK families still don’t realise that life, income protection and critical illness insurance is one of the most effective and efficient ways to protect their family's finances

Benefits offered by income protection, life and critical illness insurance

Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.

Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.

If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.

Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.

Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.

And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?

Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:

  • Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
  • Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.

Types of life insurance policies

Common reasons for getting a life insurance policy are to:
✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs

Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.

Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.

Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.

Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.

Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.

Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.

Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.

What do I need to get a life insurance quote?

To get a life insurance quote, you’ll just need to tell us:

  • your name
  • date of birth
  • whether you are a smoker or use nicotine substitutes
  • who do you want to protect
  • and your preferred contact details

The options our advisers provide will also address extras you might want to consider, such as critical illness or income protection cover

It's as easy as 1, 2, 3!

1. Complete a brief form

2. Our experts will find and discuss your quotes

3. Enjoy your protection!



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The guidance contained within the website is subject to the UK regulatory regime and is therefore targeted at customers in the UK. A FCA regulated expert will contact you after you submit your details to discuss further. WeCovr is a trading style of Political And Credit Risks Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Number 735613.