American General Life Insurance has been around since 1960 and is a subsidiary of AIG, but how much do you know about the company? We’ve conducted a deep dive into American General Life Insurance to explain our findings.
If you are looking for final expense insurance, call our expert agents at (866) 786-0725, Monday through Friday, 9 A.M. – 5 P.M. ET. Get started now with our free quoting tool and find the best insurance policy for you and your loved ones.
Below, we detail our American General Life Insurance Reviews:
If you are looking for a plan for you and your loved ones, call our expert agents at (866) 786-0725, Monday through Friday, 9 A.M. – 5 P.M. E.T. Get started now with our free quoting tool.
What is American General Life Insurance?
American General Life Insurance is a subsidiary of American International Group (AIG) and was founded in 1960 in Houston, TX. Over the years, AIG has provided insurance coverage and is considered to be one of the largest financial and insurance companies in the world. The company has more than 88 million customers in 130 different countries. American International Group has surpassed assets of more than $200 billion.
In 2022, American General Life Insurance rebranded to Corebridge Financial. The company still sells life insurance under American General Term Life Insurance and the insurance products are sold through independent brokers or by consumers online. Additionally, American General Life Insurance offers permanent life insurance, term life insurance, accidental death insurance, and universal life insurance.
American General Life Insurance Types
Permanent Life Insurance
Permanent life insurance provides coverage for your entire life at a fixed rate, and if you purchase a permanent life insurance policy, your beneficiaries are guaranteed death benefits, and you can live worry-free. The cost of permanent life insurance is set at level premiums to ensure that the amount you pay towards your policy will not change after you select a policy. Some of the main features of a term life insurance policy include:
- Lifetime coverage
- Cash value accumulates over time and creates an asset that can be used during your lifetime
- Level premiums throughout your life
Term Life Insurance
Term life insurance provides coverage for a set period and this type of insurance differs from whole life insurance, which requires scheduled payments for your entire life. Generally, you can get a term life plan for 10, 20, or 30 years. Some of the main features of a term life insurance policy include:
- You can choose the term length that works with your lifestyle
- Premiums will remain the same the entire length of your policy unless you choose to change them
- If the policyholder passes away while holding the policy, the beneficiary will receive the death benefit
Term life insurance is typically the least expensive type of coverage. Since the policy is for a specific period, it does not build cash value.
Accidental Death and Dismemberment Life Insurance
Accidental death and dismemberment insurance pays a lump sum benefit to the policyholder’s beneficiaries. This insurance can provide financial benefits if you are killed, lose a limb, suffer blindness, or are paralyzed in a covered accident. To obtain an accidental death and dismemberment policy, you do not have to complete a medical exam, and it will provide your family with coverage during a difficult period.
Additionally, you cannot be turned down due to your occupation. If you are a police officer or a firefighter, your occupation will not prevent you from obtaining coverage. Some of the main features of accidental death and dismemberment insurance include:
- No medical exam required to obtain coverage
- Protect your family during a difficult period
- Cannot be turned down for any health-related reason or due to your occupation
Universal Life Insurance
Universal life insurance is a form of permanent life insurance, but unlike term life insurance, this insurance type does not expire after a certain time. Permanent life insurance policies allow policyholders to build cash value over time and the cash value can later be borrowed against or withdrawn.
Universal life insurance policies provide policyholders with a death benefit that will accrue over time as long as the premium is paid on time. Some of the benefits of choosing a universal life insurance policy include:
- Lasts the course of your lifetime, as long as premiums are paid
- Builds cash value over time, and the policyholder can withdraw later or borrow against
- Provides death benefit to policyholder
- Depending on the policy, you may be able to adjust your premiums and death benefit throughout your contract.
Variable Universal Life Insurance
Variable Universal Life Insurance is a form of universal life insurance that includes a death benefit and an investment component. As long as premiums are paid, your variable universal life insurance policy will remain in place.
These policies carry more risk because the cash value is invested in assets like mutual funds, so the value may fluctuate. Important points to note when it comes to deciding whether or not to choose a variable universal life insurance policy:
- Variable life insurance is an insurance policy in which the payout amounts are determined by the performance of the invested cash value
- Considered more volatile than standard life insurance policies
- Investors who can assume additional risk may prefer a variable life insurance policy
- Returns on variable policies can generate tax-free income
Best $10,000 Burial Insurance Companies
Universal life insurance is a form of permanent life insurance, but unlike term life insurance, this insurance type does not expire after a certain time. Permanent life insurance policies allow policyholders to build cash value over time and the cash value can later be borrowed against or withdrawn.
Universal life insurance policies provide policyholders with a death benefit that will accrue over time as long as the premium is paid on time. Some of the benefits of choosing a universal life insurance policy include:
- Lasts the course of your lifetime, as long as premiums are paid
- Builds cash value over time, and the policyholder can withdraw later or borrow against
- Provides death benefit to policyholder
- Depending on the policy, you may be able to adjust your premiums and death benefit throughout your contract.
If you’re looking for a policy with $10,000 in coverage that remains instated throughout the remainder of your life at the premium you locked in at, then we’d like to recommend a few names that may be of interest to you and your wallet.
Here are the expected monthly premiums for Final Expense Insurance for a healthy, non-smoking individual from our top providers:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
Ratings For Credit and Customer Service Satisfaction
Better Business Bureau
The Better Business Bureau bases their ratings on many factors, including a company’s complaint history, how they respond to customer complaints, their transparency in advertising, compliance with legal and industry standards, government actions taken against them, and more.
American General Life Insurance is not accredited by the Better Business Bureau and is rated “F.” The customer review rating is 1.05/5, with many customers writing about the difficult payout process and the poor customer service. Many reviews warn other potential customers to stay away from American General Life Insurance.
A.M. Best Rating
A.M. Best utilizes a rating system similar to a letter grade you would receive in school and this rating is meant to help you understand the overall quality of a company. A.M. Best will assign credit ratings based on companies’ financial strength.
In 2024, A.M. Best gave American General Life Insurance a rating of “A.” This means the company’s financial health is strong.
Moody’s
Moody’s rating scale aims to determine the likelihood that an organization will be able to meet financial obligations. This score can help investors decide on their portfolio and whether or not they would like to invest.
Moody’s uses a 21-notch rating scale from Aaa to C to assess the borrower’s creditworthiness and in 2024, Moody’s gave American General Life Insurance Company an A2 rating. An A2 rating indicates an upper-medium grade and low risk of default, but it is the sixth highest rating in Moody’s rating chart.
Pros and Cons of American General Life Insurance
Pros
- Strong financial backing and is a sibsidiary of AIG
- A wide range of options that are customizable to your goals and needs
- Plans available that accept individuals with health concerns
Cons
- Poor customer reviews
- Some policies have high premium hikes
- Wide range of products can be confusing for customers to navigate
- Limited online resources available to customers
American General Life Insurance Reviews
Karen B.
USA
1/5
Horrible beyond belief. I couldn’t have had a worse experience ever in my life!
Jolanda C.
USA
1/5
I have received nothing but stalling tactics from them for payout on a $25,000 Accidental Life Policy that my mother had been paying on since 1982. Dealing with the sudden death of a loved one is difficult enough without having to deal with the difficulties of having to deal with a company who preys on grieving families and tries to get them to take a lower payout. I’m consulting an attorney
Lakeshia C.
USA
2/5
This is an awful company! My mom passed unexpectedly in January 2024. I found out through the funeral home that I was co-beneficiary and my grandmother was co-beneficiary. I had no idea my mom elected this. There was constant back and forth with this company as to whether I was co-beneficiary. Every rep had a different story. One told me there was an “investigation” and it was determined I wasn’t. Eventually they paid out (I definitely was co-beneficiary!). Even after the payout I kept getting letters about providing proof of heirship. A month ago my 2 sisters and I received letters saying my mom had another policy. They told us only ONE of us had to fill out a claim form. My oldest sister faxed it in. The representative said it would be 14 to process….it’s been a month!
Conclusion
Customer reviews for American General Life Insurance are poor and the company has a 1.05/5 star rating on the Better Business Bureau. Many customer reviews report that American General has poor customer support and refuses to pay their claims.
On the other hand, American General Life Insurance has guaranteed acceptance, and you do not need to complete a medical exam to obtain the policy. This is a great option if you have been denied life insurance coverage or have a preexisting condition that would otherwise make you ineligible for coverage elsewhere.
We’d argue that you have plenty of other options with better customer reviews and pricing.
Final Expense Benefits only works with the top carriers to provide you and your loved ones with the coverage you need.
We partner with over 20 carriers, including:
Call our expert agents Monday through Friday, 9 A.M. – 5 P.M. ET at (866) 786-0725 or check out our free online quoting tool to receive an estimate.
Frequently Asked Questions
Is American General Life Insurance Legit?
Yes, the company is legitimate. American General Life Insurance is a subsidiary of AIG Insurance and has many policyholders.
Is American General Life Insurance Good?
American General Life Insurance may have a policy that fits your needs, but customer reviews are poor. However, the company does offer guaranteed acceptance plans and has strong financial backing.
What Determines Coverage Eligibility?
Determining factors for obtaining coverage include age, medical history, and physical health. However, there are plans available that will accept you no matter your health status. It is important to find a plan that fits your needs so that you are not overpaying for a plan that is not benefiting you.
