Life insurance is an important component of most all financial plans – and not just for those who have young families to protect, but also for business owners, single individuals, and seniors who do not want to put their loved ones into financial hardship when the time comes for paying final expenses.
Many who are in good health will not typically have trouble in qualifying for a life insurance policy. Those who have certain health conditions could run into some difficulty – especially when the life insurance company’s underwriters review the results from a medical exam. This is why no exam life insurance could be a good alternative.
Unlike a fully underwritten life insurance policy that calls for a blood and urine sample, no exam policies – as their name suggests – will not require this as a part of the underwriting process. In addition, because there are no exam results to wait for, this type of life insurance policy can also typically be approved and issued very quickly – in some cases, even the same day as application. (This differs from traditional plans that could take weeks – or even months – to underwrite).
Before going out and purchasing a no exam life insurance policy, it is important that you have a good understanding of the type and the amount of protection that you need. This is because not all plans are alike – nor are the premiums prices that may be charged.
You should also take a close look at the insurance carrier that you are considering purchasing the policy from to determine if it has a good reputation for paying out its claims, as well as to note its financial strength and stability. One long-standing insurance company that many applicants turn to when they need a no exam life insurance policy is American General.
The History of American General Life Insurance Company
American General Life Insurance Company has been in the insurance arena for more than a century and a half. Today, American General is a subsidiary of AIG (American International Group), which is another strong and highly regarded insurer.
Known as one of the largest insurers in the world, American General offers its products around the globe, as does AIG, which today serves more than 88 million customers in more than 130 different countries. As of September 30, 2017, American International Group held more than $204 billion in total assets – and for that same year, the company took in almost $1.1 billion in earnings. As of the end of the third quarter of 2017, the company had total revenue of more than $15 billion.
American General Life Insurance Company’s parent company, AIG (American International Group), is headquartered in New York. There are various satellite offices of American General Life Insurance Company which are located throughout the United States, including an office in St. Paul, Minnesota, and one in Nashville, Tennessee.
American General Life Insurance Review
While AIG and American General Life Insurance Company suffered some temporary setbacks during the U.S. recession of 2008, today these companies are considered to be extremely strong and stable from a financial standpoint.
In fact, over the past five years, the AIG member life insurance companies have cumulatively paid out more than $40 billion in benefits and claims to individual and business life insurance policyholders.
There are several different divisions today that make up American General Life Insurance Company, including:
- American General Assurance
- American General Life and Accident Insurance
- American General Life Insurance of Delaware
- SunAmerica Annuity and Life Assurance
- SunAmerica Life Insurance
- Western National Life Insurance
Throughout the years, American General Life Insurance Company has earned many key awards, such as the Confirmit ACE (Achievement in Customer Excellence) award, which recognizes the outstanding customer excellence achievements of a company.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its financial strength, as well as its timely payment of policyholder claims, American General Life Insurance Company has earned high ratings from the insurance carrier ratings agencies. These ratings include a(n):
- A+ (Strong) from Standard & Poor’s
- A2 (Good) from Moody’s Investor Services
- A (Excellent) from A.M. Best Company
- A+ (Strong) from Fitch
Also, while American General Life Insurance Company is not an accredited company of the Better Business Bureau (BBB), the BBB has provided this insurer with a grade of A-. This is on an overall grade scale of A+ to F.
Over the past three years, American General Life Insurance Company has closed out a total of 20 customer complaints (of which seven complaints were closed out within the past 12 months). Of these 20 total complaints, 16 of them had to do with problems with the company’s products and/or services. Another two of the complaints were related to billing and/or collection issues, one had to do with advertising and / or sales issues, and the other one had to do with the company’s delivery issues.
No Exam Life Insurance Products Offered by American General Life
For those applicants who want to apply for a no exam life insurance policy through American General, the company offers a term life option that only requires one to complete a short application for coverage.
Term life insurance is considered to be the most basic form of life insurance coverage, as it offers death benefit protection, without any cash value or savings build up. Because of that, the premium for term life are frequently more affordable than those of a comparable permanent life insurance plan.
A term life policy can offer a great way to obtain cost-effective coverage that can help loved ones with mortgage payments, payment of debt, ongoing income for living expenses, and/or future college tuition costs in case of the unexpected.
As its name implies, term life insurance is purchased for a set period of time, or “term,” The no exam term life insurance that is offered through American General comes in a variety of term lengths. And, the death benefit and the amount of the premium are guaranteed throughout the entire term of the policy.
Other Products and Services Available
In addition to the no medical exam term life insurance that is offered by American General Life Insurance Company, this insurer also offers a number of other term and permanent life insurance coverage options. These include the following:
AG Select-A-Term policy
With this policy, an insured can choose a term length of 10, 15, or 30 years, as well as a varying length that ranges between 15 and 30 years, depending on their specific needs.
AG ROP Term policy
The AG ROP, or return of premium, policy is also term life coverage. Here, if the insured lives through the entire term of the coverage, he or she can receive their premium payments back – essentially allowing them to have received this coverage for free.
With permanent life insurance coverage, there is both a death benefit and a cash value component of the policy. Unlike term life insurance, permanent plans are intended to remain in force for the remainder of the insured’s lifetime – provided that the premium has been paid.
The cash that is in the cash value component of the plan is allowed to grow and compound on a tax-deferred basis. This means that there are no taxes due on the gain each year – unless or until these funds are withdrawn.
Permanent Life Insurance options through American General
AG Secure Survivor GUL ll
The AG Secure Survivor GUL ll is a universal life insurance policy. This plan offers both death benefit and cash value – and is considered to be quite flexible, as the policyholder may, within certain guidelines, alter the timing and the amount of the premium in order to fit with his or her changing needs and circumstances over time.
Elite Global Plus ll
The Elite Global Plus ll is also a universal life insurance policy that has cash value and death benefit protection. This policy is an indexed policy, so the performance of the cash value will be based in large part on the return of an underlying market index such as the S&P 500. Here, for instance, if the index performs well during a give year, then the cash receives a positive return – up to a certain set maximum, or “cap.” However, if the underlying index performs poorly in a given year, the policy holder’s cash is protected, and he or she will have their cash value simply credited with a 0%.
Secure Lifetime GUL 3
The Secure Lifetime GUL 3 is also a universal life insurance policy that provides the policyholder with a great deal of flexibility in both coverage and cash value build up.
The Asset Protector allows for “living benefits.” When added to the Secure Lifetime GUL 3 life insurance policy, the policyholder may be able to access a portion of the policy’s death benefit funds while he or she is still alive. This is the case if the insured has been diagnosed with a qualifying terminal illness and/or if he or she is residing in a skilled nursing home).
Elite Index ll
The Elite Index ll is another indexed universal life insurance plan that focuses more on cash value build up as versus the death benefit. There is also an Elite Survivor Index ll policy available, which covers two lives as versus just one.
Yet another indexed universal life insurance policy that is available via American General Life is the Value+ plan. This particular option is oftentimes used for those who need coverage as a part of their estate plan.
American General Life Insurance Company also offers retirement annuities. These products can offer a guaranteed income stream that will last for as long as the recipient needs it – which can help to alleviate the worry of running out of income in retirement.
How to Get the Best Premium Rates on No Exam Life Insurance Through American General
For those who are seeking the best premium rate on a no exam life insurance policy through American General Life Insurance Company – or from any insurer, for that matter – then it is typically recommended that you work with an independent life insurance agency or brokerage that can show you options from numerous different insurance carriers. Then, once you have reviewed these, you can choose the one that works the best for you and your specific needs.
When you are ready to begin the process of applying for no exam life insurance protection, we can help. We work with many of the top insurance carriers in the market today, and we can assist you with obtaining all of the key information that you will need. This includes life insurance quotes. To start this easy and convenient process, just simply fill out the quote form on this page.
Should you find that you still have any additional questions or concerns about no exam life insurance coverage, please feel free to contact our experts directly. We are happy to work with you so that you fully understand the process and the products that are available to you. We can be reached via phone, toll-free, by calling 800-277-3098.
We understand that the purchase of life insurance coverage can be somewhat overwhelming. This is especially true if you have been denied for coverage in the past. But the good news is that when you are working with an ally on your side, you will be able to choose from a number of good alternatives – and in turn, obtain the peace of mind that both you and your loved ones deserve. So, contact us today – we’re here to help.