AIG Life Limited was established in 2015, after the American International Group, or AIG, acquired one of the leading life insurance providers, Ageas Protect. It serves as the life insurance arm for AIG in the United Kingdom, Gibraltar, the Isle of Man and the Channel Islands, offering financial cover in the event of death or serious illness.
The majority of AIG Life insurance products can only be purchased through a financial advisor. This means that, although the applications process is not as fast as with some other life insurance providers on the market, customers will receive support throughout the process, ensuring they choose the right level of cover for their situation.
AIG itself has been present in the UK insurance market for more than 50 years and is recognised internationally as one of the world’s leading insurance providers. AIG Life provides coverage for individuals, families and businesses.
AIG YourLife Plan
AIG Life’s core life insurance product for individuals is the YourLife Plan, which is available to residents living in the UK or one of the aforementioned British dependencies, aged between 17 and 86. The plan can be tailored to suit individual needs and some of the main levels of cover are as follows:
- Term Assurance – The most simple type of life insurance cover, term assurance pays out if the person covered by the policy dies or is diagnosed with less than 12 months to live through a terminal illness. The amount of cover and whether it stays as a fixed amount or decreases over time can be decided at the start.
- Critical Illness – With critical illness cover, customers will receive a payout in the event of death, or the diagnosis of a terminal or critical illness. A critical illness is classed as an illness with life-altering consequences and conditions covered by this particular policy include cancer, stroke and heart attack. This level of cover also provides automatic coverage for any children the customer has now, or in the future.
- Income Protection – This level of protection covers customers against illness or injuries that prevent them from working. It will pay out between 50 and 60 percent of annual income, in regular monthly instalments.
- Family Income Benefit – Similar to the term assurance product, family income benefit provides financial support for loved ones in the event of death. However, rather than receiving a lump sum cash payout, they will instead receive a regular monthly payment, which can assist with bills and other living costs.
Other AIG Life Insurance Products
Aside from the core YourLife Plan, AIG Life also offers a number of additional life insurance products. One of these is Instant Life Insurance, which is one of the few options available without assistance from a financial advisor. This is open to those aged between 17 and 55, and £600,000 is the maximum amount of cover available.
An Over Fifties Life Plan is available to customers over the age of 50, who wish to ease the financial burden placed upon their family through things like funeral costs. This plan has guaranteed acceptance for those between 50 and 85 years of age, with no medical questions except smoker status.
Finally, AIG Life also offer life insurance and critical illness coverage for businesses through their Business Protection Plan. This will provide financial support in the event of the death or serious illness of a key employee or co-owner, and can offer protection to cover long-term costs like business loan repayments, as well as share purchases.