Insurance impacts us through all walks of life. Whether it’s a safety net for driving our car or for keeping our health in check, we rely on these policies to protect us. This also rings true for life insurance coverage. These policies can be a saving grace in the event of your sudden passing, helping your loved ones after you’re gone. That’s where insurers like American General Life Insurance Company are stepping up to the plate to provide families with peace of mind.
A life insurance policy can be a saving grace, and companies like AIG American General Life understand this. Operating under the umbrella of the American International Group (AIG), American General exclusively provides life insurance, offering both term and whole life insurance coverage. We’ll evaluate what those insurance products entail in just a bit. AGL also underwriters universal policies, assessing based on the risk of the potential policyholder.
On average, American General Insurance Company charges customers $47 per month for a term policy, offering up their AIG life products everywhere in the United States except for New York. American General comes with strong financial ratings, providing investors with some peace of mind for the longevity of their various underwriting risks and considerations. This includes an A rating from A.M. Best and an A+ rating from Standard & Poor. As part of AIG, there are greater guarantees for the safety of these products from a company that has decades of experience in the insurance marketplace.
Term Life Insurance
Oftentimes, younger people shrug off the idea of life insurance, but the truth is that it’s best to look into this coverage well before considering retirement solutions. Life insurance policies cost less depending on your age and overall health assessment. Considering the circumstances, younger subscribers may be more apt to contractual obligations under a term life insurance policy through American General.
Term life insurance is straightforward with no frills, coming with the proper of a death benefit to a designated beneficiary in the event that you pass away. This is good for the select period of time, usually five, twenty, or thirty years. After that, the policy expires. You can choose to extend or sign on to other financial services available. It’s best to take all of the important information that is offered by AIG, AGL, and other major U.S. life insurance companies.
Term insurance policies usually cost less than permanent coverage. However, whole life policies can also act in conjunction as part of a retirement business for a long-term financial strategy. These support functions can expand what AIG can provide for you, with or without the assistance of a financial advisor.
Whole Life Insurance
Through their various operating segments, AIG’s financial status has made American General Life Insurance a standout in terms of acquiring coverage. This includes whole life insurance, which covers a policyholder for the entirety of their life so long as they pay their monthly premiums. Those premiums are split in two ways under AIG Direct Insurance Services. One of the parts of the payment goes to the life insurance component, the other building cash value as part of a long-term financial strategy through AIG Retirement Services.
Whole life insurance usually costs more than term policies, and they are oftentimes front-loaded to have policyholders pay more early on to build the financial aspect of whole life coverage. Be sure to consult with a tax advisor when operating with any provider like AGL. You may need to know the situations that will permit withdrawal from the cash value of life insurance policies. This will require paying income tax and will impact a death benefit being paid out to a designated beneficiary.