The Truth About AIG Guaranteed Issue Whole Life Insurance Review 2024

AIG actually stands for American General Life Insurance Company. AIG is one of the largest life insurance companies in the world and has been in operation for over 100 years. This life insurance company offers a variety of life insurance products, but one of its most popular products is the AIG guaranteed issue life insurance policy.

This policy is designed for seniors who may not qualify for traditional life insurance coverage due to health or other reasons. In this blog post, we’ll look at the AIG guaranteed issue life insurance policy and see if it’s a good fit for seniors.

Overview Of AIG

AIG, one of the oldest insurance companies in the United States, has a long history of standing for high standards. AIG was founded in 1919 by an American named Cornelius Vander Starr. In 1926, AIG opened in the United States, and it rapidly spread to South America.

The company moved its headquarters to New York City in 1939, during World War II. In 1969, American General Life Insurance became publicly traded on NASDAQ. They currently operate in over 80 countries.

What Is AIG Guaranteed Issue Review?

If you’re ready to take control of your financial strength to your future, the AIG Guaranteed Issue is a great way to do it. The company offers a variety of life insurance policies that can help you pay for the things you want, like your home and retirement.

AIG’s guaranteed issue policy provides seniors with long-term protection against unexpected events such as medical bills and long-term care without the hassle and cost of having to shop around for coverage.

The company also has a variety of term, whole life, and universal life policies that can help protect your income if you’re unable to work due to illness or injury.

In addition to offering competitive rates on its policies, AIG life insurance has several options available for seniors who want more flexibility than traditional term insurance offers.

For example, the company provides specific guarantees- including cash value and universal life- that let you determine precisely how much coverage you need at any given time.

How Does AIG’s Guaranteed Issue Work?

AIG’s guaranteed issue life insurance is a type of term life insurance that offers a higher level of protection than traditional whole life policies. It’s generally sold as a lump sum payment or an annuity that pays out a regular monthly amount throughout your coverage period.

In essence, AIG’s guaranteed issue life insurance is like regular whole life insurance but with one key difference: You don’t necessarily have to pay the entire policy amount at once.

Instead, you can take out an amount equal to the cash value (the total amount of your premiums invested) and use that money for whatever you need it for — whether paying off debts or funding your children’s education.

The good news: If you die early from any cause other than old age, AIG will pay out the remaining cash value left in your account. The bad news: If you die early for any reason other than old age, AIG will also pay out the remaining cash value left in your account.

Details of AIG’s Guaranteed Issue Plan

For seniors aged 50 to 80 with serious health concerns, the AIG Guaranteed Issue whole Life Insurance plan is designed to provide instant approval burial coverage regardless of pre-existing conditions.

Comprehensive benefits include:

  • Accidental death and dismemberment coverage.
  • Income replacement in the event of death.
  • Funeral expenses.

The policy can be premiums paid for in whole or up to a specific limit depending on your needs. The limit may be as high as $25,000 or as low as $5,000 so the amount you are comfortable with.

Plan Facts

Age Eligibility: 

Minimum 50 years old, Maximum 80 years old


Up to $5,000 – $25,000


Based on age, health, and smoking status

Policy Terms:

Lifetime, as long as you pay your premiums


Include income replacement, funeral expenses, and more 

State Availability:

49 states & DC (excluding NY)

Medical Exam: 

No medical exam is required

Pre-Existing Conditions Excluded: 

Coverage for accidents and critical illnesses exists but illnesses or pre-existing conditions are not covered for the first 2 years

Guaranteed Issue Time Length:

Two years for 110% of the return of premiums

Health Questions:  

No health questions

Waiting Period:  

2 years

Pays Benefits:  

Face amount

Permanent amount of Coverage:

as long as you pay your premiums

Life Insurance for Seniors Over 80:

Over 80, life insurance is available, but it may come with some strict conditions. You’ll likely have to answer some health questions, and you may even have to take a medical exam before being approved. However, if you’re looking for coverage over the age of 80, this may be an option.

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Do I Need an AIG’s Guaranteed Issue Whole Plan?

You should consider a Guaranteed Acceptance life insurance policy if you have serious health problems. As long as you have, this plan is a good option.

On the other hand, if these conditions are not met, you can qualify for much cheaper and more affordable coverage.

Other plans we have to cover serious pre existing health conditions are Gerber Life and Great Western.

Do I Need an AIG Guaranteed Issue Plan If I already have a life insurance policy?

If you are healthy and have a life insurance policy today, then there is no reason for you to switch to an AIG guaranteed issue plan.

The cost of an AIG guaranteed issue plan is usually much higher than what you would pay for a life insurance policy with similar benefits.

The main advantage of an AIG guaranteed issue plan is that it ensures that your family will receive a payout if you die before your term ends.

The downside is that the cost of this guarantee may be more than what most people can afford.

If you decide to buy an AIG guaranteed issue Whole Life plan, make sure that it comes with all the same benefits as your existing policy, including death and income replacement benefits.

What Are The Benefits Of AIG Guaranteed Issue Life Insurance?

There are several benefits of getting life insurance through the AIG Guaranteed Issue:

No Health Condition Exclusion:

This is a great benefit for seniors unable to participate in physical activities due to health conditions. The good news is that this benefit can be included in any term life insurance policy.

Tax-Free Income:

The policy will provide tax-free income for the beneficiaries during their lifetime, as long as they live. It is another reason seniors want to consider getting this type of life insurance policy from AIG.

Lump-Sum Death Benefit:

If you die without first exhausting all other forms of insurance coverage, your beneficiary will receive a lump-sum payment for their life.

Coverage for those with health issues:

AIG offers a range for those who may not be able to qualify for traditional life insurance due to health issues.

The policy does not lapse:

AIG offers a guaranteed renewable policy, meaning that as long as the premiums are paid, the policy will not expire.

Benefit from AIG’s financial stability:

AIG is a Fortune 500 company and one of the largest life insurance providers in the world, so you can be confident in its ability to pay out claims.

No waiting periods:

AIG’s life insurance policies have no waiting period, so you can be covered as soon as you purchase the policy.

Coverage for accidental death:

AIG’s life insurance policies include coverage for accidental death, which means that your beneficiaries will receive a death benefit even if they die from an accident.

100% refund if you don’t die within the first five years of policy coverage:

If you don’t die within the first five years of your policy coverage, AIG will refund your premiums in full.

No surrender or payout penalties:

If you need to cancel your policy or cash it out early, you won’t be penalized by AIG.

What Are Optional Funeral Insurance Plans?

The applicant will qualify for a less expensive plan if they have no pre-existing conditions. In addition to funeral insurance plans, three other types are available.

Level Plan:

Those with good health should apply for level coverage because strict underwriting gives them lower prices and immediate benefits. Seniors should try to qualify for funeral insurance without a waiting period. This type of coverage is much more strict, but it can save you a lot of money in the long run. Level plans are popular with relatively young and healthy people who do not have many health problems.

Graded Plan:

The graded health insurance plan, with higher prices than the level health insurance plan, has a more lenient underwriting process. The graded plan also has a two-year waiting period because fewer medical questions are asked. This graded plan is ideal for seniors who have pre-existing conditions or those who have had previous health events.

Modified Plan:

Modified whole life insurance is often overlooked because AIG’s guaranteed full life insurance is cheaper. However, it does have a comparable payout structure to the guaranteed issue option.

How to apply for coverage

AIG’s plan can be purchased directly from the company or a financial advisor. This plan is available through AIG Direct at the exact cost of an independent insurance agent.

It will not be an independent agent that guides you through the application process and searches for a policy that best suits your needs with American General and AIG Direct.

An independent insurance agents can find the best funeral insurance rates by reviewing multiple top funeral insurance companies.

We recommend you work with us. We are an independent agency with many companies to choose from, even if you do not decide to employ us. Doing so will stand a good chance of getting a great deal.

You can get a burial insurance quote online or by calling (855) 380-3300. We’ll provide you with no-pressure advice and ease the process. Fill out the quote form with your phone number, and we’ll get back to you shortly.

The Takeaway

If you do not qualify for any of these situations, you might want to consider an underwritten policy. Call us and we will find you one. If you have any of these health issues, AIG may be the right option for you, and you should sign up as soon as possible.

  • Being cared for in a nursing home, hospice, hospital, or medical facility
  • Diabetes-related amputations within the past 24 months
  • Any medication taken for memory problems or Alzheimer’s disease
  • Dialysis
  • Within the past year, you have had a heart attack
  • A cancer diagnosis or treatment within the past 24 months
  • Organ transplantation recommended by a physician
  • Strokes lasting more than a year (TIAs don’t count)
  • A diabetic coma or insulin shock within the last 24 months
  • Terminal illness with a life expectancy of 24 months or less
  • Surgery on the heart or circulatory system within the past year
  • ALS
  • chronic illness
  • Diabetic heart failure with congestive heart failure
  • HIV or AIDS

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Final Thought

In conclusion, the 2022 AIG guaranteed issue life insurance policy is a good option for seniors looking for coverage with no medical exam.

The policy is easy to qualify for and provides a death benefit to your loved ones. If you’re interested in learning more about this policy, please fill out the quote form with your phone number, and we’ll get back to you shortly.