American General Life Insurance Review

Life insurance can play a key role in most any good, solid financial plan. One reason for this is because life insurance proceeds - which are received free of income taxation - may be used for any number of unique needs by loved ones and survivors.

These may include the payoff of debt (including a home mortgage balance), as well as the continued payment of ongoing living expenses - which can be highly beneficial if the insured is the family breadwinner.

But, as important as life insurance can be, it is also important to keep in mind that not all life insurance policies are the same. Nor are the insurance carriers that offer them. With that in mind, it is highly recommended that you ensure you are moving forward with the proper type and amount of coverage before you purchase a policy.

In addition, you should also make sure that the insurance company that you're considering purchasing the policy through is strong and stable from a financial standpoint, and that it has a good, positive reputation for paying out its policyholder claims. One company that meets these criteria is American General Life Insurance Company.

The History of American General Life Insurance

American General Life Insurance Company has a long history in the insurance and financial services arena. As a wholly owned subsidiary of American International Group (or AIG), this company has more than 150 years behind its offerings.

This insurer offers its financial and insurance products and services in the United States, as well as internationally - and today, American General is considered to be one of the largest insurers worldwide.

American General Insurance Company's parent company, AIG, serves in excess of 88 million customers who hail from more than 130 countries around the world. With more than $200 billion in assets (in 2016), as well as nearly $700 million in earnings (also in 2016), AIG is a well-known entity for working to enhance and protect its clients' assets.

American General Life Insurance Review

Today, there are several different divisions which make up American General Life Insurance Company. These consist of the following:

• American General Assurance
• American General Life Insurance of Delaware
• American General Life and Accident Insurance
• SunAmerica Life Insurance
• SunAmerica Annuity and Life Assurance
• Western National Life Insurance

Even in light of the setbacks suffered by AIG (American General's parent company) during the 2008 U.S. recession, this company has bounced back. Over the past five years, AIG's member life insurance companies have paid out (cumulatively) more than $40 billion in claims and benefits. (This includes both business and individual policyholders).

American General Life Insurance Company is a well-respected insurer, and the company has earned numerous awards and accolades over the years. These include receiving Confirmit's Achievement in Customer Excellent, or "ACE", award that recognizes outstanding customer excellence achievements.

The parent company of American General Life Insurance Company, AIG, has its main headquarters in New York, New York. American General Life Insurance Company also has other satellite customer service centers that are located in Nashville, Tennessee, as well as in St. Paul, Minnesota.

Ratings and Better Business Bureau Grade

Because of its strong financial footing, American General Life Insurance has earned high ratings from the insurer rating agencies. These include the following:

• A (Excellent) from A.M. Best Company
• A+ from Standard & Poor's
• A+ from Fitch Ratings
• A2 from Moody's Investor Services

In addition, although American General Life Insurance Company is not an accredited member of the Better Business Bureau (BBB), the company has closed out a total of 19 customer complaints over the past three years. Six of these complaints were closed within the past 12 months.

Of these 19 total complaints, 15 were related to problems with the company's products and/or services, while another two had to do with billing and/or collection issues, one had to do with advertising and/or sales issues, and another one had to do with delivery issues.

AIG, American General Life Insurance Company's parent, is also not a BBB accredited company. However, AIG has been given the grade of A+ from the Better Business Bureau, which is on an overall grade scale of A+ to F.

Throughout the past three years, American International Group (AIG) has closed out a total of 71 customer complaints, of which 34 have been closed out within the past 12 months. Of the 71 total, 44 had to do with problems with the company's products and/or services, while another 14 were related to billing and/or collection issues, 6 were related to guarantee / warranty issues, 5 were in relation to delivery issues, and the remaining two were in regard to advertising and/or sales issues.

Life Insurance Products Offered Through American General Insurance Company

There are a number of life insurance policy options that are offered via American General. These include both term and permanent plans. The company provides life insurance coverage options for individuals and for businesses.

The term life insurance coverage that is offered provides a death benefit, without any cash value or savings build up. The death benefit is purchased for a set period of time, or "term," such as ten, fifteen, twenty, twenty-five, or even for thirty years. With the level term plans, both the amount of the death benefit and the amount of the premium due remains the same throughout the entire lifetime of the policy.

Because term life insurance offers death benefit only coverage, this type of life insurance can oftentimes be more affordable than a comparable permanent policy that provides death benefit protection and cash value (with all other factors being equal).
Term Life Insurance Policy Options Offered through American General:

• AG Select-A-Term - The AG Select-A-Term policy offers a selection of differing policy lengths, including ten years, 15 years, 30 years, and varying lengths that the applicant may choose between fifteen and thirty years. Because of that, insureds may opt for coverage that best fits their specific needs and time period. In addition, the AG Select-A-Term plan may be converted over into a permanent life insurance policy, which will provide the insured with lifetime protection (as long as the premium is paid), and the ability to build up tax-deferred cash value. This convertibility option is available to the insured up until his or her age 70.
• AG ROP Term - The AG ROP Term policy is a return of premium life insurance policy option. This means that if the insured lives through to the end of the policy's time frame (or term), he or she may receive back all of the premiums that they had paid into the policy.

In addition to term life insurance, American General also offers several permanent life insurance policy options. With permanent life insurance, there is both death benefit coverage, along with cash value build up. The cash that is inside of the policy cash value component is allowed to grow on a tax-deferred basis. This means that there is no tax due on the gain of these funds, unless or until they are withdrawn. (Permanent life insurance policyholders may either borrow or withdraw cash value for any need that they see fit).

Permanent Life Insurance Policies Offered Through American General:

• AG Secure Survivor GUL ll - This policy is available to those who are between the ages of 50 and 75 at the time of policy application. This universal life insurance policy option offers both a death benefit and cash value build up - and because it is a UL plan, the policyholder may be able to alter his or her premium amount, premium due date, and even the amount of the death benefit (all within certain guidelines).
• Elite Global Plus ll - As an indexed universal life (IUL) insurance policy, the Elite Global Plus ll also offers both death benefit protection, as well as cash value, build up. The return on this cash value is based primarily upon the return of an underlying market index, such as the S&P 500. In this case, if the underlying index performs well in a given year, then the cash value is credited with a positive return, up to a certain set maximum, or cap. However, if the underlying index performs negatively during a certain year, then the cash value return is credited with a 0%. So, while there is not gain, there is also no loss to principal, which can provide peace of mind through safety of principal, to the policyholder. Index universal life insurance policies are often used for various financial planning purposes, such as the supplementing of retirement income in the future.
• Secure Lifetime GUL 3 - Also a universal life (UL) insurance policy, the Secure Lifetime GUL 3 offers a great deal of flexibility, as well as the ability to borrow or withdraw cash that may be needed.
• Asset Protector - The Asset Protector coverage may be added to the Secure Lifetime GUL 3 policy - and in doing so, the policyholder may access "living benefits" (i.e., a portion of the death benefit while he or she is still alive). These funds could be used for needs such as nursing home expenses and/or costs that are related to a terminal medical condition that the insured has been diagnosed with).
• Value+ IUL - The Value + IUL is an indexed universal life insurance plan. However, while many IUL policies focus on building up the cash value component, the Value+ plan concentrates more on the policy's death benefit. Therefore, this plan may be a good option for those who are constructing an estate plan.
• Elite Index ll - The Elite Index ll plan is also an IUL policy. Here, there is heavy focus on building up the cash value of the policy. The policyholder may also qualify to access some of the death benefit proceeds while still living in order to pay for nursing home and/or terminal illness-related expenses.
• Elite Survivor Index ll - The Elite Survivor Index ll policy is a highly customizable life insurance plan option that comes with a variety of different interest crediting options for the cash value component.

Other Products and Services Available

American General Life Insurance Company offers other products in addition to its term and permanent life insurance policies. One of its other key offerings is retirement annuities. Today, as people live longer life spans, one of the biggest concerns on the minds of retirees is that of running out of money.

An annuity can help to quell this concern, as choosing the lifetime income option on an annuity can provide an individual (or a couple) with a guaranteed stream of income that they literally cannot out live.

How to Get the Best Premium Rate on Life Insurance Coverage with American General

If you are looking for the best premium rates on life insurance coverage through American General Life Insurance Company - or for that matter, from any life insurance carrier - then it is recommended that you work with an independent life insurance agency or brokerage that can show you a variety of different policy and premium rate options.

We can assist you with finding all of the information that you need - and we can do so quickly and easily, directly via your own computer. To get this convenient process started, just simply fill out the quote form on this page.

If you would prefer to discuss your life insurance options with an expert in the field, we can be reached directly via phone, toll-free, by calling us at 541-400-9040. We understand that there are many different life insurance options available. Therefore, having an ally on your side can be beneficial. So, contact us today - we're here to help.