AIG – 2023 Burial Insurance Review

The AIG guaranteed issue final expense policy provides numerous advantages for seniors who may not qualify for a standard issue burial insurance policy. This policy offers additional benefits for terminal illness and chronic illness, ensuring support during challenging times. You have the freedom to choose a death benefit between $5,000 and $25,000, tailored to your needs. Importantly, this coverage extends for your lifetime, as long as you continue to pay your premiums. The cost of the policy varies based on factors such as the chosen face value, gender, age, and state of residence. It’s an excellent option for seniors who may answer “yes” to at least one of the health questions typically asked in standard burial insurance policies.

What Is AIG Guaranteed Issue Whole Life Insurance?

AIG’s guaranteed issue whole life insurance is designed to provide coverage without any health questions, medical exams, or medical underwriting. You are guaranteed acceptance into the policy, removing any concerns about qualifying.

This whole life insurance policy, also known as permanent life insurance, provides coverage for the entirety of your life. It doesn’t expire at any age (some policies even cover up to age 119).

The AIG Guaranteed Issue Whole Life policy ensures that your coverage will never decrease, and your premiums will remain level throughout the policy term, meaning they will never increase. The only circumstance where coverage may stop is if you discontinue paying your premiums.

This burial insurance policy from AIG is available in all states except New York and is also accessible in Washington D.C. If you are between the ages of 50 and 85, you can apply for coverage, albeit subject to a two-year waiting period.

How Burial Insurance Works

Burial insurance, also referred to as final expense insurance, is a type of life insurance policy specifically designed for seniors with a relatively small face value. It serves as financial support for loved ones, assisting them in covering funeral, cremation, burial, or other memorial service expenses after your passing.

Individuals purchase burial insurance to alleviate the financial burden on their loved ones, enabling them to focus solely on the memorial and their emotions during such a challenging time. Others choose this insurance to provide peace of mind and prepare for the end of life.

Compared to other whole life insurance options, final expense insurance policies have significantly lower monthly costs, making them affordable for individuals with fixed incomes or those who couldn’t previously afford life insurance. Some seniors take advantage of these affordable premiums to leave a small sum for their loved ones.

While there are multiple reasons to choose final expense insurance, the primary motivation is to secure a sum of money for specific purposes.

About Death Benefits

The death benefit is the face value you choose, ranging between $5,000 and $25,000. When you pass away, your beneficiaries will receive a tax-free check for the selected face amount. There are no restrictions on how the death benefit payment can be used; your beneficiaries have the freedom to allocate the funds as they see fit.

The primary purpose of the death benefit is to cover funeral, cremation, or burial costs. On average, a cremation and funeral can cost around $7,000, while a funeral and burial can cost around $9,000. If the chosen death benefit exceeds the costs of these final arrangements, your beneficiaries can utilize the remaining funds as they desire.

Two-Year Waiting Period

Guaranteed issue plans include a two-year waiting period as no health questions are asked, and there is no medical underwriting. The waiting period serves to protect the interests of the insurance company. The full death benefit will not be paid until after the two-year waiting period. However, in the unfortunate event of your passing within the first two years, AIG will refund the premiums you paid, plus 10% interest.

Accidental Death

During the two-year waiting period, AIG will not pay the full death benefit except in the case of accidental death. If you pass away due to an accident, the burial insurance will provide your beneficiaries with the full death benefit.

AIG Burial Insurance Living Benefits

One distinguishing feature of the AIG Guaranteed Issue Whole Life Insurance policy, compared to other guaranteed issue plans, is that it offers living benefits to all policyholders. These benefits include a terminal illness rider and a chronic illness rider, both included in the policy at no extra charge.

Terminal Illness Rider

If you receive a terminal illness diagnosis with a life expectancy of fewer than 24 months, you are eligible to receive up to 50% of your death benefit in advance. However, this rider only becomes effective after the two-year waiting period has passed.

Chronic Illness Rider

In the event that you become chronically ill and are unable to perform two out of six activities of daily living, you can receive a one-time lump sum payment. The activities of daily living encompass essential tasks necessary for independent functioning, such as feeding oneself, bathing, using the restroom, dressing, controlling bladder and bowel movements, and moving from one position to another or walking independently. These functions are commonly assessed when evaluating a person for long-term care facilities.

AIG Guaranteed Issue Whole Life Rates

You have the flexibility to choose a face value for your death benefit ranging from $5,000 to $25,000. The premium rates for your AIG guaranteed issue whole life insurance policy will vary based on factors including your exact age, gender, chosen face amount, and state of residence. Premium rates for males may be slightly higher.

For instance, a 50-year-old woman would pay $18.92 for a face value of $5,000 or $86.57 for a face value of $25,000. Similarly, a 50-year-old man would pay $26.96 for a face value of $5,000 or $126.81 for a face value of $25,000. An 85-year-old woman would pay $103.10 for a $5,000 death benefit or $507.51 for a $25,000 death benefit. Lastly, an 85-year-old man would pay $150.43 for a $5,000 policy or $744.16 for a $25,000 policy.

Who Should Consider the AIG Guaranteed Issue Whole Life Plan?

We understand that finding the right final expense insurance policy can be a daunting task, especially for seniors facing health challenges. We want to assure you that there is a solution available, even if you have been declined for a standard issue burial insurance policy. The AIG Guaranteed Issue Whole Life Plan is designed specifically for individuals like you, offering acceptance without the need to answer any health questions.

We know that answering health questions and undergoing medical exams can be stressful, particularly when you have pre-existing conditions or a complicated medical history. With our guaranteed issue plan, you don’t have to worry about being denied coverage based on your health. We believe that everyone deserves access to the financial protection and peace of mind that burial insurance can provide, regardless of their health status.

At AIG, we want to make the process as simple and straightforward as possible. You can apply for our guaranteed issue burial insurance plan easily, without the need for extensive paperwork or complex medical evaluations. We value your time and understand the importance of quick and efficient service.

Who Would Benefit from the AIG Guaranteed Issue Whole Life Plan?

If you or a loved one have been diagnosed with serious health conditions or have experienced recent medical challenges, the AIG Guaranteed Issue Whole Life Plan may be the ideal choice for you. This plan provides coverage for individuals with various health conditions, including Alzheimer’s or dementia, recent cancer treatment, congestive heart failure, HIV or AIDS, stroke, and many others.

We understand the unique circumstances and needs of seniors, and we are committed to providing you with a comprehensive final expense insurance policy that meets your specific requirements. Our goal is to offer financial security and support during difficult times, ensuring that you and your loved ones have the necessary resources to cover funeral, cremation, burial, or other memorial service expenses.

How to Purchase AIG Burial Insurance

We believe in providing personalized assistance throughout the process of purchasing burial insurance. You have the option to work with an independent agent licensed to sell AIG products or contact AIG Direct directly. Our dedicated agents will guide you through the application process, helping you gather the necessary information to complete your purchase with ease.

We understand that selecting the right burial insurance policy can be overwhelming. That’s why our independent agents are here to support you in evaluating your eligibility and understanding your specific needs. They will provide you with expert guidance, ensuring that you find the best policy to fit your unique situation and budget.

At AIG, we prioritize your satisfaction and peace of mind. Our commitment to serving seniors extends beyond offering quality insurance products; it encompasses providing compassionate support and reliable information to help you make informed decisions.

Why Choose an Independent Agent?

Navigating the world of burial insurance can be complex, especially when you have specific health concerns. Working with an independent insurance agent can provide invaluable expertise and assistance. Our independent agents have extensive experience and knowledge in underwriting final expense policies, allowing them to assess your eligibility accurately and guide you towards the most suitable insurance options.

We strongly advise against purchasing a guaranteed issue plan if you may qualify for a standard issue policy. Our independent agents will carefully evaluate your healthcare concerns and help you determine the policies that best meet your needs. They can also assist in comparing pricing to ensure you find a burial insurance policy with competitive premiums.

Remember, purchasing burial insurance through an independent agent ensures that you receive unbiased advice and access to a wide range of options. You deserve personalized support and a policy that fits your unique circumstances, and our independent agents are here to make that happen.

Trust the Experts at Senior Life Services

We understand that navigating burial insurance options can be overwhelming, but you don’t have to do it alone. Our team at Senior Life Services is dedicated to helping seniors like you find the best possible coverage solutions. We have a wealth of knowledge and expertise in the insurance industry, allowing us to guide you towards the most suitable options for your needs.

Give us a call today to learn more about the AIG Guaranteed Issue Whole Life Plan and explore what you may qualify for. We are here to listen, support, and provide you with the information you need to make well-informed decisions about your final expense insurance coverage.