AIG final expense coverage is a guaranteed issue whole life insurance policy to cover burial or other funeral expenses.
Text 408-854-1883 for a field underwriter near you.
There are no health questions or any medical underwriting of any kind. Your acceptance is guaranteed.
Since it’s a whole life policy, the way it works is very straightforward.
- Coverage can never decrease
- The policy can’t expire at any age
- Premiums can never increase
- Non-cancellable except for non-payment
That’s all there is to it. Your policy will literally never change. Only you can change it.
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Since the policy is a type of life insurance, upon your passing AIG will cut a tax-free check for the payable face amount directly to your beneficiary.
There’s no rules or restrictions regarding how the money is used.
The whole idea is that every funeral home in America will take cash. The policy gives your family the money needed to pay for your end of life expenses. If there’s money left over, it would simply stay with them to enrich their lives as they see fit.
Whether you need insurance to cover a cremation or burial, AIG’s guaranteed issue whole life plan will provide the funds so your family won’t have to.
AIG Final Expense Insurance Product Availability
As is the case with all insurance, this AIG burial insurance policy has limits on the amount of coverage you can buy, and where it’s sold.
- States Offered: All 50 & DC except NY
- Issue Ages: 50-85
- Face Amount Options: $5,000- $25,000
- 2 Year Waiting Period: Yes
- Purchase Options: Through independent agencies such as Choice Mutual or from AIG Direct (there’s no difference in price regardless of who you buy from)
A Standard Waiting Period
Because their policy is guaranteed acceptance, it has a two-year waiting period before the policy will pay out a death benefit.
This is important
All guaranteed issue final expense policies (with any company) will have a minimum two-year waiting period. There’s no such thing as a no health question policy with 6 month or a 1 year waiting period. It’s always at least two years.
So during the first two years, AIG will refund all premiums you’ve ever paid plus 10% interest. After two years, the policy will pay out the full face amount for any reason moving forward.
There is one exception to the waiting period however…
The one exception to the two-year waiting period is accidental death. If you pass away from an accident (car or plane crash, a tree falls on you, etc) the full amount will payout even if the accidental death occurs during the first two years.
AIG Burial Insurance Has Living Benefits
AIG guaranteed life insurance is the only guaranteed issue final expense carrier that offers living benefits with their policy.
Please Note: Any policy sold in CA will not include either rider, and the terminal illness rider is not available in District of Columbia.
They include, at no extra charge, these two riders on every policy.
- Terminal Illness Rider: If you are ever diagnosed with a terminal illness and given a life expectancy of 24 months or less, you can access up to 50% of your death benefit early. This rider is only available after the two-year waiting period has passed.
- Chronic Illness Rider: Allows for a one-time lump sum payment if the insured becomes chronically ill (cannot perform 2 out of 6 activities of daily living).
Again, both of these riders are included with every policy. You do not have to pay extra for them.
There is no other guaranteed issue policy that offers any living benefits. Pretty cool huh 😃.
AIG Guaranteed Issue Whole Life Rates
Below are actual prices for AIG guaranteed acceptance final expense insurance.
The cost of burial insurance depends on a few variables. Please remember your final insurance price will depend upon the following criteria:
- Your exact age
- Gender of the insured
- Face amount selected
- Resident state of the insured
Oh and don’t forget
You are not limited to these face amounts. AIG will allow you go purchase any whole number between $5k and $25k. For example, you could buy $7,000, $13,000, $22,000 etc.
When It’s A Good Idea To Buy This AIG Policy
Make no mistake, AIG guaranteed issue final expense offers a very competitively priced no health question plan. For folks who truly need or want a no health question policy, it’s often a superior choice relative to the options out there.
But here’s the deal…
There are only certain situations where AIG’s guaranteed policy is your best option. This policy is not right for everyone. AIG isn’t a like Alex Trebek life insurance or AARP burial life insurance where it’s a bad option all around. For some folks, it’s a great deal.
Take a look at the list below. These health situations are generally when someone should buy a guaranteed issue policy which would mean AIG is a great option.
This list isn’t completely exhaustive, but it does represent a vast majority of the reasons why someone would be best served by a guaranteed acceptance life policy.
Insider Tip: if you don’t have any of these health conditions, you can probably qualify for a plan with underwriting. That will result in a plan without a waiting period and a lower premium. Call us at 1-800-644-2926 and one of our agents will figure it out for you in less than 60 seconds.
If none of these situations apply to you, you probably shouldn’t buy a guaranteed issue plan. You should instead try for a policy with underwriting. Just call us and we’ll find you one 😎.
However should you have some of these health issues, AIG is likely your best bet, and you should sign up now.
- Currently confined to a nursing home, hospice care, hospital, or any medical facility
- Alzheimer’s or dementia or ever taken any drugs to treat memory problems
- Been advised to have an organ transplant
- Full blown stroke within the last 12 months (TIA mini stokes don’t count)
- HIV or AIDS
- Insulin shock or diabetic coma within the last 24 months
- Heart attack within the last 12 months
- You’ve had or been treated for cancer in the last 24 months
- Terminal illness with a life expectancy of 24 months or less
- Heart or circulatory surgery within the last 12 months
- Congestive heart failure with diabetes
- Amputation due to diabetes within the last 24 months