American General Life Insurance Company, in conjunction with its parent company, American International Group (AIG), has more than 160 years of background in the life insurance and financial industry.
Over this period, this insurer has paid out more than $39 billion in insurance claims.
Throughout the years, American General has provided insurance coverage, as well as various financial and investment solutions to customers in the United States, as well as all over the globe.
American General Life Insurance is now a part of American International Group or AIG.
Today, this company is considered to be one of the largest financial and insurance companies in the world.
The company currently has more than 88 million customers in 130 different countries. The insurer employs more than 64,000 individuals in more than 100 countries.
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American General Life Insurance Review
American International Group has total admitted assets of more than $200 billion.
The company also invests its assets well in order to ensure safety, security, and the ongoing ability to meet its financial demands.
For example, nearly 92 percent of the firm’s total assets are invested in fixed income or cash. Within this category, the company’s fixed-income investments are very well diversified, with nearly 93 percent of these rated as investment grade.
American General’s overall mission is to be the premier provider of protection, investment, and income solutions that are needed for both financial and retirement security.
As a part of the American International Group’s network, American General has a wide reach in obtaining and servicing its clients.
It offers various protection, income, and investment solutions – which can assist its clients in growing and protecting their wealth.
American General Life Insurance Company’s products and services are offered via a large network of more than 300,000 affiliated and independent financial advisors who are united via the AIG Financial Distributors network.
This is one of the largest networks of independent financial professionals in the United States. The company has its international headquarters in New York City, New York.
The company also offers stellar service to its customers and policyholders.
American General’s Ratings and BBB Grade
- A+ (Strong) from Standard & Poor’s
- A2 (Good) from Moody’s Investor Services
- A (Excellent) from A.M. Best
- A+ (Strong) from Fitch
Life Insurance Options
American General Life Insurance Company/American International Group prides itself on offering one of the largest – and most innovative – product portfolios in the entire insurance and financial services industry.
Although many of this company’s competitors have been forced to discontinue offering various products, this firm understands that individuals and families need to have access to a complete array of tools to be successful.
With that in mind, the company works hard to keep such products available. In the life insurance niche alone, the company has more than 12 million customers.
American General offers a wide variety of different life insurance products, including term and permanent life insurance coverage – which can allow its customers to pick and choose from the coverage that will suit them the very best.
With term life insurance, an individual is protected for a time frame, such as 10, 20, 25, or even 30. Typically, the insurance protection and the premium rate are locked in during this time.
Term life offers only pure death benefit protection only. Because of that, these policies can often be quite an affordable way of obtaining a large amount of insurance coverage for a low premium price.
This is especially true when the insured is younger and in good health. Affordable life insurance for smokers while harder to find is still out there.
Permanent life insurance has both a cash value component and death benefit protection. This type of life insurance coverage can last throughout the insured’s lifetime – provided that the premium is paid.
The premiums for permanent life insurance are typically guaranteed not to increase over time – even as the insured ages, or if they contract an adverse health issue.
The cash that is inside of a permanent life insurance policy can grow on a tax-deferred basis. This means that there are no taxes due over time as the amount grows. This can allow exponential growth of cash value. These funds can be used by the policyholder for any reason.
American General Life Insurance Company offers several different term life products. These include a one-year level term plan, as well as its Select-a-Term life insurance policy.
With the Select-a-Term Policy, the insured may be able to surrender the policy and get their paid-in premiums returned to them if they lived through the whole time frame of this policy.
This type of life insurance coverage will provide a death benefit, as well as a cash value that will grow, based on a certain percentage of interest each year that is set by the insurance carrier.
The company also offers a variable life insurance option. Here, there is also a death benefit and a cash value component. The cash value performance is dependent on how an underlying “subaccount” based on equities performs.
While this type of plan can offer the opportunity for large returns, it can also present a fair amount of risk due to market volatility. Therefore, in considering variable life insurance, it is important to have a good idea of one’s overall risk tolerance first.
For permanent life insurance protection, the American General offers indexed universal life coverage. These policies provide both death benefit protection, as well as a cash value build-up.
If the index performs well during a certain time period, then the cash value will be credited with a positive percentage – up to a stated cap.
If however, the underlying market index suffers a negative return in a given year, then the policyholder’s cash is protected, and the account is simply credited with a 0% return for that year. So, while this will not result in a gain for that period, it will also not result in a loss.
The company is committed to the guaranteed universal life insurance market, for both the short- and the long-term time horizon. It also plans to maintain a robust portfolio of additional products and services, while it effectively manages products in the current low-interest rate environment.
Other Coverage and Products Provided
American General/AIG continues to communicate with its customers and agents to identify opportunities for additional products to help keep pace with both changing demographics, as well as with the evolving needs of the marketplace.
In addition to life insurance coverage, other products, and services available via American General/AIG include the following:
- Retirement Annuities
- Accident and Supplemental Health Insurance
- Income Protection
Conclusion
American General Life Insurance Company, standing strong with over 160 years in the financial and insurance arena, has showcased its robust capabilities and unwavering commitment to providing comprehensive insurance and financial solutions.
With a diverse portfolio that includes a variety of life insurance products, retirement planning programs, and additional financial services, American General has demonstrated its adaptability and responsiveness to the evolving needs of its customers.
The company’s strategic investment approaches, coupled with its extensive network of skilled financial advisors, ensure that clients are well-supported in their journey toward financial security and prosperity.
The stellar ratings from reputable agencies and the company’s innovative technology integration for efficient transaction processing further solidify its standing in the industry.
However, like any major player in the financial sector, it is crucial for potential clients and stakeholders to conduct thorough research and consider their individual needs and circumstances before engaging with the company’s services.
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Product Name: American General Life Insurance Product Description: American General Life Insurance, a part of American International Group (AIG), is a well-established provider offering a wide range of life insurance products to cater to the diverse needs of its customers. With more than 160 years of experience in the industry, the company has built a strong reputation for reliability and has served millions of policyholders, disbursing over $39 billion in insurance claims. American General stands out with its extensive product portfolio, which includes various types of term and permanent life insurance options. Summary of American General Life Insurance American General Life Insurance prides itself on its innovative approach and commitment to providing comprehensive life insurance solutions. The company offers an array of life insurance products, including term life, whole life, universal life, and variable life insurance, ensuring that customers have access to a broad spectrum of options to suit their specific needs and financial goals. With its robust network of over 300,000 affiliated and independent financial advisors, American General ensures that policyholders receive personalized advice and support throughout their journey. The company’s significant global presence, with operations in over 100 countries, further underscores its stability and ability to cater to a wide-ranging clientele. Furthermore, American General’s integration of cutting-edge technology in its services, such as e-submission and e-signature capabilities, streamlines the application and management process for users, ensuring efficiency and convenience. Pros Cons
American General Life Insurance Review
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