The Basics of Whole Life Insurance

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What is Whole Life Insurance?

In general, there are two types of life insurance policies: term and permanent. Term life runs for a specific number of years (usually up to 30). Permanent life insurance can run your entire life. Whole life through AIG Direct is a type of permanent insurance and can cover you for a lifetime.

Whole life insurance through AIG Direct has fixed premiums for the life of the policy. Unlike term life, this type of policy accrues cash value over time. A portion of each premium you pay becomes part of this cash value. The money accumulates on a tax-deferred basis.

The cash value is money that is available to you, subject to policy terms. You can receive some or all of the policy's cash surrender value if you partially or fully surrender it. You can even borrow against the cash value. Because you would be borrowing against the value in your policy, there aren't the same types of restrictions and credit checks that other types of loans can have. The interest rate can be more favorable too. Just keep in mind that if you borrow against the cash value, you should consider repaying it. Otherwise, your loved ones will have a reduced death benefit if you die since unpaid loan balances are deducted from death proceeds. Also, early in the policy life there might be very little or no cash value.

Summary of Whole Life Insurance

  • Get coverage for your entire life
  • Get fixed payments that remain the same, even as you get older or your health declines
  • Accrues cash values or dividends, depending on the policy
  • Allows you to borrow against the cash value, often at a favorable interest rate
  • Cash value accrues on a tax-deferred basis, according to current tax laws

Reviews from Customers who Bought Insurance through AIG Direct

We think what our satisfied customers say about us in their life insurance reviews, says more than any advertising campaign ever could. A life insurance rating from customers is a great way to see what people really think about a company. The reviews you see below are from customers who purchased life insurance policies through AIG Direct. After a customer buys life insurance from us we ask them for a review. We post all reviews unless their content is obscene, inflammatory or not factually accurate. We ask customers to rate our services and then produce an overall rating as shown below. We encourage you to read our life insurance reviews and see just how happy our customers are.

The reviews from customers presented should not be construed as a recommendation to purchase or an indication of the value of any product or service. The customers providing the reviews are not affiliated with AIG Direct; nor was monetary consideration provided to them.

* Issuance of permanent life insurance subject to the underwriting requirements of the issuing insurance company. Individual issuance experience may vary.

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