Compare AIG vs. Transamerica Life Insurance
- Compare AIG vs. Transamerica life insurance, and find out how the two companies’ policies measure up. Look at options, coverage limits and growth potential.
When you compare AIG vs. Transamerica life insurance, it’s important to keep your unique requirements in mind. That way, it’s easier to measure each policy against the terms, riders and coverage limits you need.
Compare AIG vs. Transamerica Life Insurance Policies
Both AIG and Transamerica offer a variety of life insurance policies. Transamerica has a smaller selection of traditional products, but it offers a few unique options. AIG has a wide range of policy options, including one of the largest term life insurance offerings in the industry.
AIG Life Insurance Options
AIG offers three different types of life insurance: term, universal and whole life. Within each category, you’ll find opportunities to customize coverage.
Term Life Insurance
This type of life insurance lasts for a specific term; it’s a way to cover your family’s financial obligations in case you pass away unexpectedly. AIG offers 18 different term options, ranging from 10 years to 35 years and giving you a remarkable amount of flexibility in choosing the policy that works for your needs. Many AIG term life insurance options can be converted into a permanent policy for continuing coverage after the original term is up.
Universal Life Insurance
Universal life insurance offers a death benefit; as the policy ages, its cash value increases. AIG offers three different types of universal life insurance policies.
Index Universal Life Insurance
Index universal life insurance is tied to a specific index and grows accordingly. It also comes with downside protection — that way, you don’t need to worry about losing money if the market takes a turn.
Guaranteed Universal Life Insurance
These policies give you the freedom to customize your coverage to meet your family’s needs. You can also adjust the premium structure to suit your financial situation.
Variable Universal Life Insurance
Variable universal policies enable you to invest in multiple accounts, expanding the potential for growth. This type of life insurance usually offers flexibility in the amount and frequency of premiums.
Guaranteed Issue Whole Life Insurance
If you’re looking for fixed premiums and affordable coverage that lasts a lifetime, AIG’s whole life policies could be the right fit. They’re guaranteed issue, which means that you don’t need to answer questions about your health or schedule a medical exam. As long as you’re between the ages of 50 and 80, you’re guaranteed to be accepted. These policies have relatively low coverage limits of $5,000 to $25,000.
Transamerica Life Insurance Options
Transamerica offers a unique selection of life insurance products. It tends to have higher coverage limits than AIG, which may suit people with high net worth.
Term Life Insurance
Transamerica’s term life insurance policies come in a variety of terms, ranging from 10 to 30 years. Coverage levels start at $25,000 and go all the way up to $10 million. If you’re 55 or younger, you can get a policy without a medical exam; coverage limits apply. Trendsetter Super policies can be converted into a permanent policy without an additional underwriting process. Trendsetter LB products come with living benefits for critical, chronic and terminal illnesses.
Index Universal Life Insurance
Index universal life insurance from Transamerica is built to adapt to your life. As the policy ages, you have the option to adjust the death benefit or premium to suit your changing needs. These policies come with a guaranteed minimum interest rate, so you can rest assured that the policy will build a cash value over time. Choose from a variety of investment account options to maximize growth potential.
Whole Life Insurance
A whole life policy comes with premiums that never change, a guaranteed death benefit and a guaranteed cash value. You can also choose from a selection of riders to add living benefits to your policy.
Final Expense Life Insurance
Transamerica’s final expense life insurance policies come with coverage levels of $1,000 to $50,000. They offer a guaranteed death benefit, so your family can cover burial and funeral expenses. They don’t require health questions or medical exams, and approval is usually quick and easy.
Life Insurance for Foreign Nationals
If you’re a foreign national, and you own a business or property in the United States, this type of life insurance can help cover the potential tax burden after you pass. Transamerica’s foreign national policies are available to residents of 47 different countries, with coverage limits of $35 million.
What Riders Do AIG and Transamerica Offer?
Riders are a way to expand and customize your life insurance policy. Both AIG and Transamerica offer standard riders, including:
- Accidental death benefit rider
- Children’s benefit rider
- Disability waiver of premium rider
Some term life insurance policies from both AIG and Transamerica are available with living benefit riders. These riders enable you to access benefits during your lifetime in case of chronic illness, critical illness or terminal illness.
Transamerica offers a few unique riders, including the Concierge Planning Rider. It provides help with funeral planning and will preparation to ease the burden on your family. You can also choose from options including income protection, the guaranteed insurability rider and the term insurance rider.
How Easy Is It to Apply for Life Insurance With AIG and Transamerica?
When it comes to convenience, AIG makes it easier to get life insurance than Transamerica. You can get a quote online for AIG’s term life insurance and whole life insurance products, but you’ll need to talk to an agent about universal life insurance. If you’re just getting started, you can use the company’s life insurance calculator to get an idea of how much coverage you need. Once you have a quote, you must apply through an agent.
Transamerica requires you to work with an agent to get a quote or apply for any of its life insurance options.
AIG and Transamerica Ratings
As you’re comparing AIG and Transamerica, it’s a good idea to look at the financial strength of each company. These ratings can help you understand how likely the provider is to pay claims and stand the test of time.
AIG’s life insurance branches have solid ratings across the board:
- S&P: A+
- Moody’s: A2
- Fitch: A+
- M. Best: A
Transamerica also has good ratings:
- S&P: A
- Moody’s: A1
- M. Best: A
- Fitch: n/a
