2022 US General Life Insurance Review – Forbes Advisor
- Term life
- Lifetime guaranteed emission
- Indexed universal life
- Guaranteed universal life
American General Term Life Insurance
Term life insurance is a simple option if you are looking for life insurance to cover a specific period of your life. For example, suppose you want enough coverage to cover your family’s income replacement if you die. In that case, a term life insurance policy with a term that covers the rest of your working years is an option. After the term expires, you can still renew or get a new policy, but you should be prepared for increased premiums. Term life insurance does not create cash value and therefore is often the cheapest type of life insurance to buy.
AIG offers a term life insurance product with 18 different term options called Select a term. You can buy terms as low as 10 years, up to 35 years, with 16 additional choices in between. This product is available to buyers between the ages of 18 and 80. At the end of your term, the Select a term the policy is renewable annually until age 95. Death benefit coverage amounts start at $100,000.
Here’s a look at American General’s term life insurance rates for different ages and amounts.
American General 20 Year Select-a-Term Life Insurance Rates by Age and Amount
American General Select-a-Term Life Insurance Rates vs Competitors
American General’s term life insurance rates are competitive with other major life insurance companies.
Guaranteed Issue Whole Life Insurance from American General
Whole life insurance can be an attractive option for people looking for permanent life insurance with certain guarantees. It offers a guaranteed death benefit, premiums that don’t increase and a guaranteed rate of return on your cash value. However, guaranteed issue whole life products are a bit different in that they sometimes don’t include a cash value component.
american general Guaranteed issue whole life insurance The product, also known as final expense protection, offers guaranteed acceptance between 50 and 80 years, with coverage from $5,000 to $25,000. This means that there are no medical requirements and as long as you meet the age requirements, you will not be refused, regardless of your health or medical conditions.
If you die within two years of purchasing the policy, your beneficiaries will receive 110% of the premiums paid. After the first two years, they will receive the full death benefit. This type of payment is called a graduated death benefit. Premiums for AIG’s whole life insurance product are guaranteed not to increase
Guaranteed Universal Life Insurance from American General
Guaranteed universal life insurance offers the possibility of flexible premiums and death benefits, up to specific limits. Since cash value gains can be minimal in this type of life insurance, it is generally less expensive than other universal life insurance products.
Lifetime GUL 3 safe includes flexible premium where you can vary premium payment amounts and frequencies. The minimum death benefit is $100,000. It also offers an adjustable death benefit and is available to buyers between the ages of 18 and 80.
AGI’s Secure Lifetime GUL 3 comes with various guarantees:
- A guaranteed death benefit
- Guaranteed premiums
- A flexible continuation guarantee allowing you to determine how long your death benefit is guaranteed
- Guaranteed minimum interest rate for cash value accumulation of 2%
Indexed Universal Life Insurance from American General
Indexed universal life is an option for people looking for a death benefit that will rise (or fall) with an index, like the S&P 500. It also offers the option of varying premiums and death benefits. Participation limits and participation fees are commonly associated with indexed universal life products.
american general Max Accumulator+ is available to buyers between the ages of 18 and 80 and has a minimum death benefit of $50,000. You can choose between two death benefit options depending on your needs: level or increasing.
For cash value accumulation, you will select your investments from four accounts with performance based on the S&P 500 and one declared interest account with a fixed minimum interest rate of 2%. You can change your allocations at any time.
AGI Value+ Protector is another AGI-indexed universal product, and it comes with various warranties and higher coverage amounts for buyers aged 18-85. The minimum death benefit amount is $100,000.
You can select cash value investment options based on your risk tolerance. The investment strategy for the most risk tolerant, called par strategy, and for the less risk tolerant, called cap strategy, is linked to the S&P 500. Its fixed interest account guarantees a minimum interest rate of 2%.