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AIG life insurance review 2023

Updated Jan 13, 2023
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Bottom Line

AIG Life & Retirement, now Corebridge Financial, offers numerous types of life insurance, including 18 different term life insurance lengths to fit a variety of needs. However, AIG doesn’t have local agents, which may be a drawback for some shoppers.

Pros
  • Several product types available

  • 18 different term life insurance policy lengths

  • Strong social responsibility

Cons
  • Lower-than-average J.D. Power customer satisfaction

  • No local agents

  • High NAIC Complaint Index for individual life

Info
What’s new with AIG?

In March 2022, AIG announced its plans to rebrand the parent company of AIG Life & Retirement as Corebridge Financial as part of its transition to a public company. The press release indicates that Corebridge Financial will operate as a standalone company separate from the rest of AIG’s business.

AIG life insurance

AIG life insurance could be a good choice if you are looking for a company with a variety of product types. AIG, which has rebranded its life and retirement product business as Corebridge Financial, offers numerous types of life insurance. With the array of different coverage options, it may be easier to find a policy to fit your needs, whether you’re looking for the best term life insurance or life insurance for older individuals.

Policies are underwritten by American General Life Insurance Company (AGL) in all states except New York, where policies are underwritten by The United States Life Insurance Company in the City of New York. Corebridge Financial sells life insurance in all 50 states and Washington, D.C., although not all products are available in all states.

Before you start shopping for coverage, you may want to use a life insurance calculator to determine how much coverage you need. Corebridge Financial offers an array of insurance products, including:

  • Term: AIG offers term life insurance with a vast range of 18 different term increments. You may be interested in term life insurance if you only need coverage for a short period of time, like 10 to 30 years. For example, a term policy could be a good choice for a young family that wants coverage while their mortgage is being paid off. If you decide you need permanent insurance in the future, AIG has options to help you convert your term policy into a permanent one. Corebridge Financial offers a minimum death benefit of $100,000 on its term policies, but does not list a maximum death benefit.
  • Permanent: AIG offers several forms of permanent coverage, including two universal life insurance options and two whole life insurance options. Permanent insurance is designed to stay in place until you pass away (as long as premiums are paid). The cost of life insurance is usually higher for permanent policies, but they may offer attractive features that term policies don’t have, including cash value accounts.
    • Whole: Corebridge Financial’s simplified issue life insurance could be a good choice for those who want coverage fast and don’t want to take a medical exam. You can get between $5,000 and $35,000 in coverage, and you have a few different payment and death benefit setup options.
    • Indexed universal: Both of AIG’s universal life insurance options are indexed universal life policies. There’s the Value + Protector III and the Max Accumulator+ III. To decide which option is best for your needs, you could talk to a Corebridge Financial agent.
  • Guaranteed: The second type of whole life coverage that Corebridge Financial offers is a guaranteed issue whole life policy. This option is available to those between the ages of 50 and 80, and death benefits range from $5,000 to $25,000. Although premiums may be more expensive for this type of coverage, it could be ideal for those facing health issues that may cause them to be denied coverage for other types of life insurance policies.
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AIG life insurance endorsements

Corebridge Financial offers several life insurance riders, which are add-on coverage options that may help you broaden your policy’s scope. Riders will generally make your policy more expensive, so those looking for the cheapest life insurance may choose to pass on these options, but the extra coverage might be worth it. AIG life insurance riders vary depending on the policy type you choose, but a few options include:

  • Accelerated death benefit: Available on Corebridge Financial’s term and some simplified issue whole life policies, this rider may increase your death benefit if your death is caused by eligible accidents.
  • Chronic illness: Available on both universal life options and included automatically in the guaranteed whole life option, this rider gives you access to a portion of your death benefit while you are still living if you are diagnosed with a qualifying chronic illness.
  • Terminal illness: Both of Corebridge Financial’s whole life options and its term life insurance offer a terminal illness rider. The rider is included automatically in the guaranteed whole life policy and is available on the simplified issue whole life policy if you select the level death benefit option. This endorsement allows you to access some of your death benefit early if you’ve been diagnosed with a terminal illness.
  • Waiver of premium: Only available on term life insurance policies, a waiver of premium rider allows you to stop paying your premium but keep your coverage after a total disability and a waiting period of six months.

AIG life tools and benefits

In addition to life insurance, Corebridge Financial also has numerous helpful life insurance guides, resources and tools on its website. Additionally, AIG sells investment products as well as accident and health insurance.

AIG customer satisfaction

When you’re looking for the best life insurance company for your needs, comparing third-party customer satisfaction and financial strength scores may be an important step. This information could help you determine if a company will meet your needs and those of your beneficiaries after your passing.

Corebridge Financial is the initial public offering (IPO) of AIG’s life and retirement product business. It operates as a standalone business, but since it is relatively new, it doesn’t have any third-party reviews or ratings. However, since most policies are still underwritten by AIG, AIG's ratings could be a useful metric.

AIG’s third-party reviews are relatively mixed. The carrier scored well below average for customer satisfaction in J.D. Power's 2022 U.S. Individual Life Insurance Study, with a score of just 744 out of 1,000 points. This was the fourth-lowest score in the study, which indicates that AIG policyholders may feel dissatisfied when it comes to customer service.

However, the National Association of Insurance Commissioners (NAIC) reports a general Complaint Index of 0.45 for AIG products. A score of 1.00 represents a baseline number of complaints, so this lower score means that the NAIC receives a lower number of consumer complaints about AIG than expected. However, the individual life score is 3.17, which means that, when focusing on just personal life insurance products, the NAIC receives more than three times as many complaints than expected about AIG.

AIG’s life and retirement division receives an A (Excellent) financial strength rating from AM Best. While this is a relatively high score, it isn’t as high as some of AIG’s life insurance competitors. However, it does indicate a fairly high historical level of financial stability.

How to file a claim with AIG

It may be difficult to think about, but you likely want to make sure your beneficiary knows how to file a life insurance claim with Corebridge Financial. If you have a Corebridge Financial policy and you pass away, your beneficiary can file a claim by:

To call Corebridge Financial, your beneficiary will need to enter your policy number into the online tool. This will then populate the correct service number. To file a claim, your beneficiary will likely need information like your policy number, date of death and proof of your passing. A Corebridge Financial representative will walk your beneficiary through the steps needed to successfully complete the claims process.

AIG availability

Corebridge Financial life insurance is available in all 50 states and Washington, D.C., although certain products may be limited or unavailable in certain areas.

Other AIG perks worth considering

AIG life insurance is extensive, but the company also sells other financial products and services that might be helpful to you:

  • Annuities: Corebridge Financial also offers fixed, variable and indexed annuities, along with variable annuities with structured outcome investments. AIG also offers annuities.
  • Accident and health insurance: AIG offers several kinds of personal health and accident insurance that may bolster your medical insurance portfolio.
  • Travel insurance: AIG’s Travel Guard insurance may help you recover from unexpected events like canceled flights, illnesses while on vacation and lost baggage.

AIG corporate sustainability

Corebridge Financial may just be starting out, but AIG has a strong giveback initiative. The company notes that in 2021, it gave $27 million in charitable donations. Of this, $5 million was dedicated to fighting racial inequity, Covid-19 relief and supporting community resilience. The company also features a Matching Grants Program, which will match double that of employee donations to charitable organizations up to $10,000 per year.

AIG allows employees time off to volunteer and supports the arts through the AIG Museum Membership Program. The company also has a strong focus on diversity, equity and inclusion. The Human Rights Campaign listed AIG as one of the top places to work for LGBTQ+ equality in 2022.

Corebridge Financial sells numerous life insurance products, but no company is one-size-fits-all. If you’re shopping around and comparing life insurance quotes, you might want to check out these life insurance companies, too.

AIG vs. State Farm

State Farm offers numerous life insurance products and is also available in all 50 states. If AIG’s low customer satisfaction scores give you pause, you might want to consider State Farm, which has the top J.D. Power life insurance customer satisfaction score of 2022. The company also won a 2023 Bankrate Award for term life insurance, retaining the title from 2022.

Learn more: State Farm Insurance review

AIG vs. MassMutual

MassMutual might be a good option if you are looking for whole life insurance, considering that it won a 2022 and a 2023 Bankrate Award for whole life. With its impressive array of riders, no-exam options and above-average customer satisfaction, it could be a good choice if you are looking for a personalized policy. MassMutual also has above-average customer satisfaction according to J.D. Power, but you may want to keep in mind that medical exams are required for most policies.

Learn more: MassMutual Life Insurance review

AIG vs. Mutual of Omaha

If AIG’s additional financial services are appealing to you, you might also want to consider Mutual of Omaha. Like AIG, the carrier offers both life insurance and other financial products, including annuities, investment options and mortgages.

Learn more: Mutual of Omaha Insurance review

Is AIG a good insurance company?

Our insurance editorial team reviewed AIG life insurance through a consumer lens, using our industry knowledge to determine how its products and services would impact the lives of policyholders. Our AIG insurance review revealed that the company has rebranded its life insurance and retirement services business as Corebridge Financial. The company may be a good choice if you are looking for highly customizable policies. The 18 different term lengths that Corebridge Financial offers are especially impactful and fairly unique in the life insurance industry.

However, Corebridge Financial is new enough that it has no third-party ratings, and AIG’s customer satisfaction ratings are lower than average. Before you commit to an AIG life insurance policy, it may be worth shopping around and comparing quotes to help you decide if the carrier is right for you.

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