UPDATED: Mar 26, 2020
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As an online life insurance broker, we’re not limited to working with one specific life insurance company. By definition, a broker typically works with several companies but represents you, not the company.
Every life insurance company we make available to you has been carefully chosen to provide competitive prices, fast application processing and underwriting, and excellent customer service. Today, we’ll take a closer look at one such company: American General Life Insurance Company.
American General is a U.S.-based life insurance company of American International Group and was founded in 1926. Their mission is to be the premier provider of protection, investment and income solutions needed for financial and retirement security. They are committed to providing better, more innovative ways of helping to protect you and your family’s financial security. It’s a responsibility They confidently embrace. With a wide range of flexible and highly differentiated life insurance products, they provide peace of mind to more than 12 million families and businesses.
American General Life has an A rating from AM Best rating service, and an A+ rating from Standard & Poor’s rating service. These company ratings represent a measure of a company’s claims paying ability and overall performance.
Features Included with Every Term Life Insurance Policy
These features are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride along” with your policy. These two are included for free with your policy.
1. Terminal Illness Rider
American General includes a Terminal Illness (TI) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you become terminally ill, with a life expectancy of 12 months or less. The policy owner can request payment of up to 50 percent of the eligible death benefit, with a maximum of $250,000.
2. Exchange Option
An Exchange Option (EO) is included with no extra premium. You may convert the policy to select permanent life policies issued by American General. You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, which expires at the end of the policy term or when you reach age 70.
Optional Features You can Add to Your Policy
You can buy these optional riders and they will also become a part of your policy.
1. Waiver of Premium Rider
A Waiver of Premium (WOP) rider is available with extra premium. If you have a total disability, and after a waiting period of six months, your premiums will be waived retroactively from the beginning of the disability. The premiums will continue to be waived for the duration of your total disability. It will expire on the policy anniversary nearest your 65th birthday.
2. Accidental Death Benefit Rider
An Accidental Death Benefit (ADB) rider is available with extra premium. This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $250,000 on any one life (includes any such benefit already in force). For example, let’s say you have a $250,000 term life policy with the ADB rider attached. If you die in a covered accident, American General will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.
You can buy this rider if you are between the ages of 18-65. It will expire on the policy anniversary nearest your 70th birthday.
3. Child Rider
The Child rider is also available with extra premium. It provides level term insurance on each insured child, up to age 25. One rider covers all children in the family and any new children born or adopted after the policy is issued, with no increase in cost. The minimum amount of coverage available is $500 and the maximum is $25,000. You can buy this Rider if you are between the ages of 20-55 and your children are between the ages of 15 days to 19 years. It expires if you reach age 65 , or when your youngest child reaches age 25, whichever happens first.
4. Disability Income Rider
The Disability Income (DI) rider can provide a regular monthly benefit up for to two years to you if you are unable to work due to a covered illness or injury. There is a 90-day waiting period. The definition of disability is your “own occupation” for the first 12 months and “any occupation” after the first 12 months. The rider is available on policies issued at a Standard rating class or better with a minimum face amount of $250,000.
American General term life policies include term lengths of 10, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, and 30 years, during which your rates are guaranteed to remain the same. The minimum coverage amount is $100,000 and the maximum is $65M. A paramedical exam is required to apply for all policies.
Remember, working with an online life insurance broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance companies to choose from.
Get started with a free quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.