AIG Burial Insurance Review – Pros & Cons

AIG-Burial-Insurance-Review

Read our AIG burial insurance review first if you are considering purchasing a final expense policy from this company. This review will cover all the information you need to know about AIG burial insurance to help you decide if it’s the right insurance product for you.

AIG offers a guaranteed issue whole life as burial insurance. The guaranteed issue may not be the best plan for you because it has a two-year waiting period.

This AIG burial insurance review will cover the company’s history, financial ratings, product features, underwriting niches, and a lot more. Keep reading to know more.

AIG FUNERAL FUNDS 5-STAR RATING
First-day Coverage
Ease of Approval★★★★
Coverage Amount ★★★★
Pricing★★
Riders★★★★

FOR EASIER NAVIGATION:


DOES AIG OFFER FIRST-DAY COVERAGE?

No, AIG does not offer 1st-day coverage.

AIG offers guaranteed issue whole life insurance with a two-year waiting period as their burial insurance product. This burial insurance plan is designed to cover the funeral, burial, and other final expenses. Every applicant is guaranteed to be approved regardless of their medical condition as long as they meet the age requirements.

PROS OF AIG BURIAL INSURANCE

Simple underwriting process – GIWL from AIG has no medical exam and no health questions to answer. This makes the underwriting quicker. Approval only takes several minutes instead of several weeks.

Simple application process – you will only need to answer basic questions on the application. It can be made over the phone or via email.

Flexibility – the death benefit is not tied to a funeral home. The death benefit payout is flexible and can be used by the beneficiary to pay final expenses or use it for any purpose they see fit.

Lifetime Coverage – AIG guaranteed issue life insurance is a whole life policy which means that you are covered your entire life. The policy won’t expire as long as you pay the premium, your policy will remain in force for the duration of your life.

CONS OF AIG BURIAL INSURANCE

Higher Pricing – AIG guaranteed issue life insurance is more expensive because they don’t ask health questions and therefore must charge more to accept the risk of insuring people who don’t qualify for plans that offer lower rates because they ask health questions.

2-Year Waiting period – AIG guaranteed issue burial insurance requires a two-year waiting period before the full death benefits are paid out for a health or medical-related death. This policy does pay for accidental death from the very first day.

Limited benefit amount – burial insurance with AIG has a maximum death benefit amount of $25,000. If you need more than $25,000 to cover your medical bills, debts, and end-of-life expenses, AIG is not right for you.


AIG BURIAL INSURANCE PRODUCT

AIG GUARANTEED ISSUE BURIAL INSURANCE FEATURES
Issue Age50 to 80 years old
Coverage Amount$5,000 to $25,000
No Medical Exam Everyone Accepted
No Health QuestionsEveryone Approved
Guaranteed ApprovalYes
Level PremiumPrice Never Increases
Level BenefitCoverage Never Decreases
Lifetime CoverageLast Until Age 121
Living BenefitsNo Extra Cost
Builds Cash ValueBorrow Emergency Money

AIG BURIAL INSURANCE RIDERS

CHRONIC ILLNESS BENEFIT

This benefit returns all the premiums paid up to 50% of the face amount of the policy. You could qualify for this benefit if you cannot perform two or more of the six “activities of daily living” (eating, bathing, dressing, toileting, transferring, and continence) or if you are diagnosed with a severe cognitive impairment like dementia Alzheimer’s disease.


TERMINAL ILLNESS BENEFIT

This benefit provides 50% of the face amount at the time of acceleration, after terminal illness diagnosis. Terminal illness is defined as illnesses or medical conditions that are certified by a member of the medical profession to result in the insured’s death within 24 months from the date of certification.


WHEN DOES AIG BURIAL INSURANCE MAKE THE MOST SENSE?

This AIG guaranteed issue plan with a waiting period is the wrong insurance product for most people. This insurance should be your last option for life insurance coverage unless you have any of the following health conditions.

Conditions that make guaranteed issue life insurance is your best choice:

  • HIV, AIDS or AIDS-related complex
  • Currently, have cancer
  • Congestive heart failure (CHF)
  • Heart attack within the last 12 months
  • Full-blown stroke within the previous 12 months (except for TIA mini-strokes)
  • Alzheimer’s or dementia
  • End-stage kidney disease undergoing kidney dialysis
  • Recently experiencing diabetic complications such as neuropathy, retinopathy, diabetic amputation, diabetic coma in the last 24 months
  • Heart surgery within the previous 12 months
  • Angina (chest pain) within the last year
  • A circulatory surgery performed within the last 12 months
  • Been recommended or have had an organ transplant
  • Oxygen use daily (only okay for sleep apnea)
  • Currently in the hospital, skilled nursing facility, or hospice care
  • Confined to bed or wheelchair
  • Needing help with any activities of daily living such as eating, bathing, toileting, dressing, transferring and continence
  • Taking treatment for alcohol, marijuana, or drug abuse within the last 24 months
  • High-risk hobbies and occupations

If you suffer from these conditions, AIG GIWL may be the right choice for you.

If you do not have any of these conditions, AIG is often not your best option and we can find you a first-day coverage plan without a waiting period.


AIG UNDERWRITING GUIDELINES

AIG doesn’t ask any health questions or require a medical exam. If you can pay the premium, they will approve you as long as the applicant is between the ages of 50 and 80.


AIG PRICING EXAMPLES

FEMALE AGE
$5,000
$10,000
$15,000
$20,000
$25,000
50$20.29
$38.58
$56.87
$79.78
$99.23
55$24.30
$46.60
$68.89
$102.93
$128.16
60$27.97
$53.93
$79.90
$118.96
$148.20
65$34.21
$66.42
$98.63
$146.23
$182.29
70$41.21
$80.41
$119.62
$176.74
$220.43
75$58.86
$115.73
$172.59
$253.80
$316.75
80$95.77
$189.53
$283.30
$410.63
$512.78
MALE AGE
$5,000
$10,000
$15,000
$20,000
$25,000
50
$28.99
$55.99
$82.98
$109.97
$136.96
55$31.69
$61.37
$91.06
$135.19
$168.49
60$35.07
$68.14
$101.21
$149.25
$186.07
65$46.42
$90.83
$135.25
$199.48
$248.84
70$54.00
$106.00
$158.00
$232.60
$290.25
75$75.83
$149.66
$223.49
$327.83
$409.29
80$104.16
$206.32
$308.48
$415.67
$519.08


GETTING APPROVED FOR AIG BURIAL INSURANCE

Applying for burial insurance with AIG is straightforward. You can be approved by phone or via your computer with a licensed agent.

  1. Your independent agent will pre-qualify you over the phone and will assist you in filling out your e-application. Your agent will ask you basic information such date of birth and social security number.
  2. Your agent will ask your beneficiary information
  3. You will be required to submit your payment information
  4. You will need to provide a voice signature or email signature
  5. They will verify your payment options
  6. After you make your first premium payment, your policy is active
  7. You will receive your policy in the mail within 5-10 business days on average after you pay your first premium. Your agent can also provide your digital copy of your policy, or you can access your account via AIG web portal.

The entire application process can be completed electronically in several minutes. To make your application quicker, have your important information readily available such as social security number, beneficiary, and payment information.


THE BEST PAYMENT OPTION

PAYMENT METHODRECOMMENDED?
Savings AccountBest way to pay
Checking AccountBest way to pay
CashNot recommended
Money OrderNot recommended
Cashier's CheckNot recommended
Debit CardNot recommended
Credit CardNot recommended
Direct ExpressNot recommended
PAYMENT FREQUENCYRECOMMENDEDACCEPTED BY
MonthlyRecommendedAll Companies
QuarterlyNot RecommendedSome Companies
Semi-annuallyNot RecommendedSome Companies
AnnuallyNot RecommendedSome Companies


AIG COMPANY OVERVIEW

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.

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


AIG FINANCIAL RATINGS

AIG Life received the following rating from different rating agencies:

  • A (excellent)       A.M. Best
  • A+ (stable)         Fitch
  • A2 (good)           Moodys
  • A+ (Strong)        Standard & Poor’s
  • A+                      Better Business Bureau

These ratings indicate the financial strength of the company and its ability to pay claims on time.


HOW CAN FUNERAL FUNDS HELP ME?

Trying to find a policy if you want AIG burial insurance needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.

We will work with you every step of the way to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time anymore searching for multiple insurance companies because we will do the dirty work for you.

We work with many A+ rated insurance carriers that specialized in covering high-risk clients like you.  We will search all those companies and match you up with the best burial insurance company that gives the best rate.

We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for AIG funeral insurance, or AIG burial insurance, or AIG life insurance.

Fill out our quote form on this page or call us at (888) 862-9456 and we can give you an accurate quote.

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