AIG Guaranteed Issue Review For Seniors: No Health Questions

Jake Irving

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Guaranteed acceptance plans allow seniors to secure life insurance coverage without answering medical questions. The issue with these plans can be the price point. Some companies charge premiums that most seniors cannot afford.

Fortunately, the AIG Guaranteed Acceptance plan has made our best burial insurance list and is available for a low-cost premium. The AIG guaranteed issue review will go over plan features, price, and when to avoid a guaranteed acceptance policy.

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How Does AIG Life Insurance For Seniors Work?

The AIG guaranteed life insurance policy is designed for seniors with severe medical conditions ages 50 – 80. The plan does not ask health questions and comes with whole life benefits. These permanent benefits include coverage that will never terminate and premiums that do not change. There will be a two-year waiting period before full coverage is awarded.

Plan Facts

  • Age Eligibility: 50 – 80
  • Coverage amount: $5,000 – $25,000
  • State Availability: 49 states & DC (excluding NY)
  • Medical Exam: No
  • Health Questions: No
  • Waiting Period: 2-years
  • Permanent Coverage: Yes
  • Builds Cash Value: Yes
  • Smoking Rates: No

Whole Life Benefits

This AIG burial insurance is considered whole life because the coverage amount will never terminate or decrease. Additionally, the price will never increase, allowing seniors on a fixed income to plan monthly costs with no surprise rate hikes.

Does AIG Require a Medical Exam?

AIG life insurance for seniors approves every applicant for coverage, and no medical questions are asked. This allows even those with the most high-risk health concerns to receive coverage. All guaranteed life insurance plans have no medical questions.

Does AIG Life Insurance for Seniors have a Waiting Period?

A two-year waiting period is implemented before the beneficiary will receive the entire death benefit. The delayed coverage is required because no medical questions are asked.

Listed below is the payout structure during the waiting period.

  • Year One: All paid premiums returned plus 10%
  • Year Two: All paid premiums returned plus 10%
  • All Other Years: Full coverage amount

Is AIG a Reputable Life Insurance Company?

AIG has provided secure and personalized coverage to policyholders since 1919. AIG life insurance rating from A.M. Best is an A (excellent) and is one of the most recognized brands in the insurance industry. AIG has a history that has been built over the past 100 years.

AIG Guaranteed Issue Rates

AIG burial insurance rates have extremely competitive pricing compared to other heavily marketed guaranteed issue plans like Colonial Penn Life Insurance.

AIG Final Expense Insurance Quotes

$10,000 of Coverage

Age Female Male
50
$39
$56
55
$47
$61
60
$54
$68
65
$66
$91
70
$80
$106
75
$116
$150
80
$190
$206

Do I Need an AIG Guaranteed Issue Plan?

The AIG life insurance for seniors should be reserved for applicants with serious medical concerns. This plan is good if you have one of the following pre-existing conditions. However, if you do not have these conditions, you will qualify for a more favorable policy with a lower cost.

  • AIDS/HIV
  • Alzheimer’s
  • Assistance with activities of daily living
  • Bone marrow transplant
  • Cancer (presently)
  • Congestive heart failure
  • Dementia
  • Heart attacks
  • Organ transplant
  • Stroke (within the past 12 months)
  • Taking Oxygen (sleep apnea not included)

Other Funeral Insurance Plan Options

It is always best to attempt to qualify for funeral insurance with no waiting period. This is because immediate coverage plans come at a lower price point, and the applicant is fully insured on the policy’s first day. A highly rated graded policy will be your next best option if you do not qualify for a plan with no waiting period.

The graded plan will have slightly higher prices because of more lenient underwriting.

Two Ways to Apply for AIG Burial Insurance

This plan can be purchased in two ways, directly from AIG or an insurance agency. AIG Direct provides this plan at the same cost as an insurance agency.

AIG Direct

AIG underwrites the policies issued through AIG Direct. Buying an AIG Direct policy can lead to overpaying for coverage because you are not receiving a second opinion.

Insurance agencies represent AIG funeral insurance as well. These agencies have access to the same product that AIG Direct offers and at the same price. The key difference is that the insurance agency has other plans to compare. If you buy through AIG Direct, you could be spending much more money and a waiting period is required.

Final Thoughts About AIG Final Expense Insurance

a. This AIG final expense insurance plan is an excellent option for those with severe or chronic medical conditions.

b. The application will ask no medical questions, and coverage is guaranteed. Compared to other guaranteed issue plans, AIG offers very competitive premiums.

c. This policy is not right for everyone. If the applicant does not have severe medical conditions, there is a good chance they will qualify for a cheaper plan with immediate coverage.