2024 AIG (Corebridge) Burial Insurance Review – Pros & Cons
last updated on October 4, 2024If you review the three life insurance options from AIG, you may be disappointed 66% of the time.
AIG offers three whole life insurance plan options to pay for final expenses.
Two of their options force you into a year waiting period, and the other option has first-day coverage with higher pricing than its competitors.
We recommend never buying an AIG burial insurance policy for burial, cremation, final expenses, or funeral funds without checking for better options.
Table of Contents
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What to Ask Before Buying AIG Burial Insurance
What Are My Policy Options With AIG?
Be aware that AIG Life Insurance changed its name to Corebridge Financial in 2022. Your AIG policy is valid with Corebridge Financial as long as you keep your current payments.
Since this name change is fairly recent, we will use the AIG name through this article, but understand that everything we say about AIG also pertains to Corebridge financial.
They offer three whole life insurance plans for people aged 50 to 85.
SimpliNow Legacy Max – First-Day Coverage Plan
- First-day coverage – protection starts on the first day.
- No medical exam – you only need to answer a few health questions
- Coverage amount available – $5,000 – $35,000
- Permanent whole life insurance that lasts until the age of 121 years old
- Builds cash value that you can borrow against
- Fixed pricing that never increases
- Coverage that never decreases
- Available riders:
- Nursing home confinement
- Terminal illness
- Accidental death benefit rider
- Limited-pay feature – you will not have to pay your premium if you reach the maximum payment age between 90 and 95. Maximum payment age is determined by gender, age, and face amount.
SimpliNow Legacy – Graded Benefit Plan
- 2-year waiting period
- If you answer “Yes” to select health questions, you will be forced into this plan
- Permanent whole life insurance that lasts until the age of 121 years old
- Builds cash value that you can borrow against
- Fixed pricing that never increases
- Coverage that never decreases
- Coverage amount available: $5,000 – $25,000
- 100% death benefit if you die from an accident
- 110% of the premium will be paid if you die during the first two years from natural or medical-related death.
Guaranteed Issue Whole Life Insurance
- 2-year waiting period
- No medical exam and no health questions
- Permanent whole life insurance that lasts until the age of 121 years old
- Builds cash value that you can borrow against
- Fixed pricing that never increases
- Coverage that never decreases
- Coverage amount available: $5,000 – $25,000
- Available riders:
- Chronic illness rider
- Terminal illness rider
Does AIG Have Any Hidden “Fine Print” In Their Policy?
The SimpliNow Legacy Graded Plan and their Guaranteed Issue Whole Life Insurance both have 2-year waiting periods.
“The AIG Guaranteed Issue Whole Life policy referenced offers a limited death benefit in the first two years of the policy. Should death occur in the first two years, a death benefit will be equal to 110% of the premiums paid. In the event of suicide, the death benefit is limited to a refund of premiums only.”
Who would ever accept a 2-year waiting period and expensive pricing when you could get inexpensively priced 1st-day coverage elsewhere?
You are advised to avoid these plans, and there are better coverage options from other companies with better benefits than these two graded plans.
If you die from a natural cause in the first two years with these plans, your beneficiary will only get your previously paid premiums back, plus an extra 10%. They will only pay 100% if you die from an accident.
There is also no coverage for suicide in the first two years either (this is standard with all life insurance policies).
What Are The Pros & Cons Of AIG Burial Insurance?
1st Day Coverage Plan
PROS
- No Medical Exam
- Lifetime Coverage
- First-day Coverage
- Easy Phone Approval
- Accelerated Living Benefits
CONS
- Strict underwriting
- Expensive Premium
- Limited death benefit
- Premium may exceed coverage
Graded & Guaranteed Issue Plans
PROS
- Easy Application
- Lifetime Coverage
- Guaranteed Death Benefit
- Significant Health Issues Accepted
CONS
- Low Coverage Limits
- Super Expensive Rates
- Not Available In All States
- Mandatory 2-Year Waiting period
Are There Any Riders Or Other Benefits With AIG Burial Insurance?
Riders & Add-Ons
Depending on the plan an agent puts you in, you may have other riders included.
- Terminal Illness Rider: Death benefit can be accessed if the insured is diagnosed with a terminal illness resulting in death in 12 months or less.
- Nursing Home Confinement Rider: Death benefit can also be accessed if the insured is continuously confined in a nursing home and expected to be confined until death.
- Chronic Illness Rider – Access up to 25% death benefit when insured is diagnosed with chronic illness.
- Limited-Pay Feature – you will not have to pay additional premiums and your coverage will remain in-force until age 100 when you reach your maximum payment age. Maximum payment age is determined by gender, face amount and age.
- Policy Loans: You can borrow up to 100% of your cash value. This is tax-free. Loans reduce your cash value amount and are subtracted from your death benefit. The interest on policy loans varies by state.
How Do I Get Approved By AIG?
AIG’s 1st-day coverage life insurance will ask if you’ve had health issues in the last 12, 24, or 36 months.
Application Questions
If the proposed insured answers yes to any of the following questions, the proposed insurance is not eligible for any coverage.
- Is the Proposed Insured currently bedridden or confined to any hospital facility or skilled nursing facility; or receiving or been advised to receive care in a nursing home, hospice care, or home health care?
- Is the Proposed Insured receiving assistance with activities of daily living, including eating, bathing, toileting, or dressing due to a chronic or debilitating condition?
- Does the Proposed Insured require any of the following due to a debilitating condition: wheelchair, electric scooter,
or oxygen equipment to assist breathing (excluding use for sleep apnea)? - Has the Proposed Inured been diagnosed by a licensed member of the medical profession with a terminal illness or terminal condition that is expected to result in death within 12 months or less?
- Has the Proposed Insured been diagnosed with brain aneurysm or transient ischemic attack (TIA) in the past 6 months, or
EVER had recurrent episodes of TIA (more than once)? - Is the Proposed Insured currently incarcerated in a prison or jail?
Has the proposed insurance EVER been diagnosed as having , been treated for, or consulted a licensed member of the medical profession of any of the following:
- Alzheimer’s Disease, Dementia, Huntington’s Disease, Sickle Cell Anemia, Myelodysplastic Syndrome (MDS), Lou Gehrig’s Disease (ALS), Mental Incapacity, Cirrhosis, Quadriplegia or Paraplegia
- HIV infection AIDS or AIDS-Related Complex (ARC)
- Advanced or End Stage Renal Disease or in need of Dialysis
- Bone Marrow, Organ Transplant or Lymphoma
- Metastatic or Recurrent Cancer of the same type (Stage III or Stage IV cancer)
- Amputation due to diabetic complications or a hospitalization in the past 24 months due to diabetes
- Heart Failure or Defibrillator device implanted
- Suicide attempt
In the last 12 months has the Proposed Insured:
- Been diagnosed or treated for, or consulted a licensed member of the medical profession for stroke, or EVER had a stroke AND Diabetes and/or Coronary Artery Disease?
- Been advised by a licensed member of the medical profession to have a surgical operation, diagnostic testing other than for routine screening purposes or for those related to HIV/AIDS, treatment, hospitalization, or other procedure which has not been done or for which results are not known?
In the LAST 24 MONTHS has the proposed insured:
- Been diagnosed or treated for, or consulted a licensed member of the medical profession for the following types of cancer: Brain, Carcinoid or Neuroendocrine Tumor, Esophageal, Head or Neck, Leukemia, Liver, Lung, Lymphoma, Multiple Myeloma, Ovarian, Pancreas, Sarcoma, Small Intestine, Stomach?
- Been convicted of, or plead guilty or no contest to, driving while impaired, intoxicated or under the influence of drugs or alcohol?
- Used narcotics (other than marijuana) such as amphetamines, hallucinogens, heroin, or cocaine without a prescription from a licensed member of the medical profession?
- Been hospitalized MORE THAN ONCE for Chronic Obstructive Pulmonary Disease (COPD), Emphysema or Chronic Bronchitis (Chronic Cough)?
- Been convicted of, or plead guilty or no contest to, a felony?
In the LAST 36 MONTHS, have you been:
1. Been hospitalized for Schizophrenia or a Psychotic event?
When Should I Not Consider AIG Burial Insurance?
If you have Schizophrenia or have had a psychotic event in the last 36 months, DO NOT apply for AIG whole life insurance. You are better off going with the 1st-day coverage plans that we have available with other companies we work with.
Also, their guaranteed issue and graded plans will stick a consumer with a 2-year waiting period. We can help you avoid that if you will allow us to help you.
Does AIGBurial Insurance Have A Same Day Approval Process?
Applying for AIG burial insurance is easy, and you can apply through a voice signature or email signature. But perhaps you should take a breath and do a little more price-checking before you go with AIG.
If you are open to looking at other insurance companies with better rates, we can offer you some help!
Here is how we help current AIG burial insurance clients get better coverage:
- We compare all the best companies to get the lowest pricing
- We then review all application questions to verify your eligibility
- We review all the “fine print” to make sure you get the policy you need
- We find companies that allow you to choose your ideal beneficiary
- We provide you with a Funeral & Estate planning guide for your last wishes
- We always make sure you get a paper copy of your policy upon approval
Does AIG Offer A Phone Approval?
AIG has an electronic submission process for all life insurance policies.
If you need help from us, we have an easy application process; getting approved is about a 15-minutes over the phone.
How Can I Get AIG Burial Insurance Pricing?
AIG’s pricing is based primarily on your age, health, gender, face amount, and state you live in at the time of application.
| FEMALE AGE | $10,000 | $20,000 | $30,000 | $35,000 |
|---|---|---|---|---|
| 50 | $26.42 | $49.63 | NA | NA |
| 60 | $35.83 | $68.46 | NA | NA |
| 70 | $58.24 | $113.28 | $168.32 | NA |
| 80 | $107.96 | $212.71 | $317.46 | $369.84 |
| MALE AGE | $10,000 | $20,000 | $30,000 | $35,000 |
|---|---|---|---|---|
| 50 | $33.43 | $63.65 | NA | NA |
| 60 | $47.82 | $92.44 | NA | NA |
| 70 | $81.75 | $160.29 | $238.83 | NA |
| 80 | $153.38 | $303.56 | $453.74 | $528.83 |
This pricing is for illustration purposes only and is subject to change without notice. Your premium will depend on your age, gender, face amount or coverage, health, and the state you live.
Fill the quote form below to get accurate pricing.
Common AIG Company Questions
What Is AIG’s Operational History?
AIG or American International Group, Inc. is an American multinational insurance company with more than 90 million customers worldwide. AIG traced its beginnings to 1919, and AIG continues to grow its business and operations domestically and internationally.
On September 2022, AIG was rebranded and now goes by the business name of Corebridge Financial.
Corebridge now handles the company’s life insurance and retirement accounts from the former AIG insurance company.
The different subsidiaries of AIG include:
- AIG American General Life Insurance Company
- AIG Life and Retirement Company
- The Variable Annuity Life Insurance Company (VALIC)
- AIG Global Real Estate
- AIG Property Casualty
Corebridge Financial, Inc
175 Water St
New York City, NY 10038
Customer Service: (800) 225-5244
Contact Info
Email: ToServe@aig.com
Website: https://www.corebridgefinancial.com/
What Is AIG ’s Financial Rating?
AIG Life received the following rating from different rating agencies:
- A.M. Best – A (excellent)
- Fitch – A – (stable)
- Moodys – Baa2 (stable)
- Standard & Poor’s – A+ (Strong)
- Better Business Bureau – A+
These ratings indicate the financial strength of the company and its ability to pay claims on time.
Does AIG Have Any Consumer Complaints?
Most AIG consumer complaints are regarding poor customer service.
The average 2021 rating, according to J.D. Powers, is 776. AIG received a rating of 729 in 2022.
The rating agency called Consumer Affairs gives AIG Life Insurance 3.2 out of 5 stars. Most customers complained about poor customer service on payments and claims processing.
What Should You Know Before Buying AIG Burial Insurance?
What is AIG’s Sales Process?
AIG is both a “Captive Carrier” and a “Non-Captive Carrier,” so the policy you buy directly from AIG is the same policy you would buy from someone like Funeral Funds of America.
They sell their insurance exclusively through AIG Direct. However, Independent agencies like Funeral Funds of America can sell AIG final expense insurance products. Whichever way you choose to apply, the price will be the same.
Beware: Some agencies only sell one product and never tell you about other companies’ lower rates.
Informed buyers know that almost all life insurance companies offer better coverage and rates than AIG, and most come with no waiting period.
Funeral Funds of America has full access to all AIG products if we want to sell them.
AIG is expensive for significant health issues, so it’s rarely your best choice in most cases.
Are Any Health Conditions Not Accepted By AIG?
These health issues will only qualify for SimpliNow Legacy graded plan:
- Aortic aneurysm
- Bipolar disorder
- Bladder cancer
- Bone cancer
- Brain aneurysm
- Cardiomyopathy
- Chronic atrial fibrillation
- Chronic kidney disease
- Dermatomyositis
- Diabetes with 8.7 to 9.9 A1C level
- Hepatitis B
- Lupus
- Multiple sclerosis
- Parkinson’s disease
- Rheumatoid arthritis
- Schizophrenia
- Scleroderma
- Substance abuse
- Unintentional weight loss in excess of 10 lbs.
These health issues will only qualify for a guaranteed issue life insurance:
- Activities Of Daily Living (ADLs)
- Alzheimer’s or Dementia
- AIDs, HIV, ARC
- Current Cancer
- Congestive Heart Failure
- Cardiomyopathy
- Dementia
- Dialysis
- Diabetic Amputation
- End-stage Renal Disease
- Hospice
- Nursing Home Confinement
- Organ or Tissue Transplant
- Oxygen Use
- Terminal Illness
How Can I Get Pricing Help Today?
Use our quoting software below to see how AIG pricing compares to other companies.
- $10,000 to 15,000 is often appropriate for burial needs
- $3,000 to $7,000 is often appropriate for cremation needs
1 Comment
Michele Crooms
I am looking for insurance for my husband 67 with managed diabetes, in otherwise good health.