Who’re AIG?
Headquartered in New York and listed on the New York Inventory Change, American Worldwide Group (AIG) is a century-old insurance coverage firm, serving over 80 international locations. 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 insurer Direct Journey and Direct Automobile Extra Insurance coverage.
AIG Life Restricted is authorised 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 affords the next forms of life insurance coverage:
- Entire of life – which pays out regardless of if you die
- Degree 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
- Reducing time period – the place the potential pay-out reduces over the time period of the coverage, consistent with excellent debt that you’re step by step paying off, corresponding 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 price of inflation
- Over-50s – folks on this age group are assured to be accepted as policyholders
- On the spot life – there are fewer inquiries to reply throughout the software course of and you’ll obtain a direct resolution on whether or not you can be coated.
It additionally affords:
- Household insurance coverage profit – 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
- Vital sickness cowl – which pays out a tax-free sum on prognosis of significant sickness or damage
- ‘Life Begin’ – AIG’s coverage which helps you get coated on a decrease price range, however might 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’s vital to think about your earnings, your monetary commitments and obligations, how lengthy your dependents will want monetary assist and the way a lot you have got in financial savings and investments.
You’ll must take into consideration the stability left in your mortgage, your different money owed, and payments and bills.
To provide you a serving to hand, our life insurance 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 per 30 days. The particular quantity you’ll pay will rely upon a lot of elements, together with the coverage sort, the quantity of canopy you want, your occupation, well being and life-style.
The youthful and more healthy you might be, the much less you’ll usually need to pay.
To seek out out extra about how this works, read our guide on the cost of life insurance.
Is AIG an excellent life insurer?
In keeping 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 evaluation platform, AIG Life Restricted scores 2.7 out of 5 stars. Prospects reward the service supplied and commend its advantages, however adverse suggestions centres on prolonged claims processes and rejected claims.
AIG paid out 99% of life insurance coverage claims, 97% of terminal sickness claims and 95% of important sickness claims in 2020, totalling £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’s value checking if you have already got cowl. Some employers provide death-in-service cover, which pays out a tax-free lump sum to your dependents if you happen to cross away whereas working for the corporate.
Even if you happen to do have this kind of cowl, you might wish to purchase a separate life insurance coverage coverage to make sure you’re adequately protected.
It’s all the time finest to shop around and evaluate insurance policies from completely different insurers to get the very best deal. It’s best to weigh up worth and canopy ranges amongst different elements. Additionally verify if any advantages are included, corresponding to unintended 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.
Claims will be made by calling 0345 600 6815 or emailing [email protected]
The corporate additionally has a Twitter account.
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