What is AIG Guaranteed Issue Whole Life Insurance?
AIG guaranteed issue whole life insurance is a very interesting product because you can purchase it without having to go through the underwriting process, meaning you won’t have to undergo medical exams or answer any questions about your health. It’s also very affordable and easy to purchase.
This is a permanent life insurance policy designed for people in old age who need a policy designed to protect their loved ones upon their death. It can even be purchased up to the age of 85. Coverages range from $5,000 to $25,000 dollars.
Highlights of AIG Guaranteed Issue Whole Life Insurance
Its main advantages include:
- No underwriting.
- No medical exams.
- You can purchase coverage up to the age of 85.
- Fast and easy to purchase.
- Up to $25,000 face value.
Who is AIG Guaranteed Issue Whole Life Insurance For?
This policy is very useful for people who no longer have life insurance and are concerned about the what might happen once they are gone. The policy can be used to cover final expenses (funeral), medical bills, or any other type of bills the insured might leave upon their death. For just a few dollars a day, you can obtain benefits similar to those in more comprehensive policies.
How Does AIG Guaranteed Acceptance Life Insurance Work?
Guaranteed acceptance life insurance is very simple.
Firstly, the policy owner must be the same person as the policyholder, even if the premiums are paid by someone else.
In exchange for a monthly premium, which amounts to just a few dollars a day, you can obtain between $5,000 to $25,000 dollars in coverage. The policy never expires and the benefits are guaranteed as long as you are up-to-date on premium payments.
The monthly premiums are level and never increase during the useful life of the policy. This means that you always pay the same amount each month.
Guaranteed acceptance life insurance death benefit is paid out incrementally:
- If the insured passes away during the first two years the policy is in effect, a death benefit equal to 110% of the premiums paid up to that time will be disbursed.
- If they pass away after the first two years have passed, the full benefit, or entire face value of the policy, will be paid. This also covers accidental death.
- If the person dies from suicide, the beneficiaries will recover the amount of the premiums paid by the insured.
This guaranteed acceptance policy also has an accelerated benefits rider for chronic illness. In this case, the insured can receive advance payment of the entire amount of premiums paid, up to 50% of the face amount of the insurance. This provision is included at no extra cost.
In addition, if the illness is terminal and the life expectancy is less than 24 months, you can choose to receive a one-time lump sum payment equal to 50% of the death benefit. This means that half of the benefit will be paid out before death, allowing the insured to use this money, for example, to cover medical care.
How Can I Purchase AIG Guaranteed Issue Whole Life Insurance?
You can purchase a policy by submitting your application online in less than 15 minutes. The process is very simple: you log in, request a quote, fill out the application form, and confirm the status of the insurance. In seconds you will have your policy number that will go into effect immediately. Purchasing this policy couldn't be any easier!
The simplicity of the process is due to the fact that the application for guaranteed issue is designed to make things easier for both applicants and insurance agents alike. Its responsive web design can be used from any computer, tablet, or cell phone. The application contains all the necessary information, including forms and non-disclosure agreements, among others.
IN SUMMARY
Guaranteed Issue
From ages 50 to 85, with no medical exams, questions, and without the risk of being rejected by the insurance company due to medical issues. Offers a face amount between $5,000 to $25,000 dollars.
Fixed Premiums
Premiums are level and will never go up.
Universal Application Platform
AIG’s shortened application procedure means that most people can purchase a policy in less than 15 minutes thanks to the online application platform that contains all the information you need, allowing you to pay online with any credit card, as well as additional payment methods, such as your social security card or via ACH (automated clearing house).
Accelerated Benefits for Chronic Illness
In the event you become chronically ill, you will receive 100% of the money paid in premiums up to 50% of the face amount of the policy. Without a waiting period and in a single payment at no additional cost.
Accelerated death benefit in the event of terminal illness
Policyholders who have been diagnosed with a terminal illness can request the advance payment of 50% of the total amount of the death benefit. This provision is included at no extra cost.
Product Features
The policy owner must be the same person as the policyholder, even if the premiums are paid by someone else. It requires your social security number, and you can only purchase one guaranteed issue policy per person per year. The available benefit limit for Guaranteed Acceptance insurance is $25,000. This product cannot replace or be converted into any other type of insurance. The trial period is 30 days.
Incremental Access to Death Benefit
If the insured passes away during the first two years the policy is in effect, a death benefit equal to 110% of the premiums paid will be disbursed. If they pass away after the first two years have passed, the full benefit, or complete face amount of the policy, will be paid, even if this is due to an accident. For suicide, the premiums contributed are returned.
Exclusions
Guaranteed acceptance life insurance does have some exclusions.
- It is not yet available in New York (coming soon).
- Not all provisions are available in all states. The terminal illness rider is not applicable in California or in the District of Colombia.
- You must be a US citizen to be eligible.
- The accidental death benefit will not be disbursed when the death is due to illness or mental or physical illness, or medical or surgical treatment for said illness or disease. It will not be paid if the death occurs as the result of an infection that has not been contracted due to an injury caused by an accident. You will also not be paid in cases of suicide or self-inflicted wounds. Another exclusion is for accidents suffered in a plane, or caused by test or experimental devices, whether these are used by a military authority or to travel outside of earth’s atmosphere. Additionally, you will not be able to collect the benefit due to accidental death resulting from participation in riots or uprisings, or those caused while committing a crime. Death by poisoning will only be considered when this adheres to what is outlined in law as accidental poisoning. Also excluded from this rider is piloting or driving a land, water or aerial vehicle in any type of race, whether speed or resistance. Furthermore, it does not cover death occurring during mountain climbing, bungee jumping or aerial sports, including hang gliding, skydiving, ultralight, gliding, base jumping, hot air balloon riding, or paragliding. It will also not be paid for accidental death if the insured dies as the result of voluntary consumption of any kind of drug, unless this is prescribed by a doctor and it has been taken in accordance with their prescribed instructions, or if the death is due to poisoning, gas or smoke, which has been accidentally inhaled or ingested during a work activity. Participating in any illegal activity is also grounds for exclusion for the accidental death rider, or if death occurs while the insured is in prison.
