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AIG Life Insurance Review 2022

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American International Group, Inc., more commonly known as AIG, is a group of insurance companies operating in around 80 countries and selling numerous types of insurance. AIG is perhaps best known for its life insurance and financial products. AIG life insurance could be a good choice if you are looking for a company with a variety of product types.

Perks Drawbacks
Numerous product types available Lower-than-average J.D. Power customer satisfaction
18 different term life insurance policy lengths No local agents
Strong social responsibility High NAIC complaint index for individual life

AIG offers a large suite of life insurance products, which could be appealing to those who like to consolidate products with one company. AIG could also help policyholders develop a portfolio of financial products through the carrier’s annuity, mutual fund and retirement options. However, AIG doesn’t have the highest customer satisfaction scores from various third-party agencies. Bankrate’s AIG life insurance review delves into the company’s products, reviews and social responsibility to help you make an informed decision about your coverage.

AIG life insurance coverage types

AIG, which sells coverage online as AIG Direct, offers numerous types of life insurance. With the array of different types of coverage, it’s likely that you’ll 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. These underwriting companies are part of the American International Group of carriers.

Before you start shopping for coverage, you may want to use a life insurance calculator to determine how much coverage you need.

  • Term: AIG offers term life insurance with a vast range of 18 different term increments to meet a variety of needs. You may be interested in term life insurance if you only need coverage for a short period of time, like 10 to 30 years. These policies can be helpful while you pay off debt, for example, so your loved ones have a financial cushion to pay the balance if you pass away. If you decide you need permanent insurance in the future, AIG has options to help you convert your term policy into a permanent one. AIG Direct also offers a “Quality of Life Insurance,” which is a term policy that has living benefit options such as riders for severe illnesses, which allow you to access a portion of your death benefit before you pass.
  • Permanent: AIG offers several types of permanent life insurance. Whole life coverage is designed to last the entire length of your life, as long as your premiums are paid, but it isn’t as flexible as a universal life policy. Whole life could be a good choice if you like to keep your coverage simple, but universal life can provide flexibility with both the death benefit and level premium amount. AIG offers a few different types of universal life insurance, including indexed universal life, guaranteed universal and variable universal life.
  • Guaranteed: AIG also offers a type of guaranteed issue coverage — guaranteed issue whole life. The policy operates similarly to a standard whole life policy, except you cannot be denied coverage due to your health. Guaranteed policies could be a good option if you have a medical condition or are otherwise unable to buy traditional coverage, as medical exams are not required. Keep in mind, though, that the coverage limit on guaranteed policies is usually quite a bit lower than on standard policies and that premiums can be high. With AIG’s guaranteed whole life, coverage only goes up to $25,000.

AIG life services

In addition to life insurance, AIG also has numerous helpful life insurance guides and articles on its website. If you have questions about life insurance, which product is right for you, how much coverage you need or the quoting process, you can call the sales or service department during business hours for help.

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
  • Mutual funds
  • Retirement services

The retirement services tool can be used to create a personalized roadmap for your finances. The company also offers an education center brimming with helpful articles and its FutureFIT University courses that could help you test your current financial knowledge and gain more.

AIG life insurance customer and claims satisfaction

AIG’s third-party reviews are relatively mixed. The carrier scored well below average for customer satisfaction in the 2021 J.D. Power U.S. Individual Life Insurance Study, with a score of just 729 out of 1,000 points. This was the second-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 0.49 complaint index score for AIG over all its products. A score of 1.00 represents a baseline number of complaints, so this lower score means that the NAIC receives an overall lower number of consumer complaints about AIG. However, the individual life score is 2.82, which means that, when focusing on just personal life insurance products, the NAIC receives nearly three times as many complaints about AIG as considered normal.

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.

AIG social responsibility

AIG has a strong giveback initiative. The company notes that in 2020, it gave $22 million in charitable donations. $5 million of this was a donation to the AIG Foundation, which in turn gave the money to organizations fighting for equity and fighting against COVID-19. 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 (DEI). The Human Rights Campaign listed AIG as one of the top places to work for LGBTQ+ equality in 2022.

Not sure if AIG is right for you? Consider these alternatives

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

  • State Farm: State Farm earned the highest customer satisfaction score in the J.D. Power study and is one of the best life insurance companies on the market, according to Bankrate’s research. 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 2021. The company also won a 2022 Bankrate Award for term life insurance.
  • MassMutual: MassMutual is our 2022 choice for the best whole life insurance carrier. 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.
  • 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.
Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by
Insurance Editor