AIG
AIG Income Protection
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More About AIG Income Protection
Founded in 2008 as Ageas Protect, AIG Life Insurance Ltd is the UK life insurance arm of the US based company American International Group Inc. Present in 100 countries worldwide, it has been operating in Europe for more than 65 years. AIG retains its crown as the largest US-headquartered property-casualty insurer in Europe.
AIG has recovered well from the 2008/9 financial crisis. It did need intervention from the US treasury despite the assumption by many that it was too big to fail. In 2012 the US Treasury had fully privatised the business, selling its remaining AIG shares. Having been formed in 1919 as American Asiatic Underwriters (AAU) in Shanghai. AIG’s UK and European operations trade under the umbrella of AIG, the American insurance giant.
AIG Income Insurance: Your Step By Step Guide
AIG income protection insurance covers includes a number of flexible options. For income protection, AIG offers solely “own occupation” or “suited occupation” For the latter. Its definition includes own occupation cover for the first year. Cover with AIG will last until your policy cease age in the event of a claim, making this a long-term policy.
You will also receive a monthly guaranteed benefit of £1,500. This means that should your salary decrease for any reason during the lifetime of the policy. AIG will still pay out the lesser of your insured monthly benefit of £1,500. AIG does not factor state benefits into account when analysing your monthly payments.
They also offer a terminal illness benefit. If you are diagnosed with a prognosis of less than 12 months. AIG will pay a fixed amount worth 12 times your monthly benefit. This amount is NOT included in your deferred period. You will be able to receive it as soon as you claim.
If you are still alive after one year but not able to work, AIG will continue to pay your agreed or normal monthly benefit until you have recovered sufficiently in order to work.
Also unlike many others, AIG is only one of four Income Protection providers to offer cover for people with type 2 diabetes. They offer individuals with the condition guaranteed premiums.
Benefits & More
During your deferred period, you will be able to make use of Recuperation Benefit from AIG (often worth up to three times your monthly benefit). This allows access services to help you recover from your illness, such as physiotherapy, or perhaps alternative ways to help you to get to work. You will also be able to obtain a second opinion from Best Doctors during this time.
Rehabilitation Benefit which tops up your earnings to match your monthly benefit pay out, should you return to work at a lower salary or working fewer hours.
Hospitalisation Benefit is part of your cover. AIG will pay £100 per night if you are hospitalised for more than 6 nights. Assuming your policy is active. This will be paid up to a maximum of 90 nights in a row.
Death benefit is also available. If you die during your policy term, AIG will pay out a £10,000 lump sum to your estate.
Trauma benefit. Should you suffer from sudden-onset conditions such as blindness, deafness, loss of speech, paralysis or loss of limbs, you can claim for a lump-sum pay out. This will either be a lump sum of £50,000 or a payment of six times your monthly benefit.
Carers’ benefit, should your child suffer an illness or injury that requires you to give up work for a time to care for him or her. This benefit also applies to your spouse or civil partner. It will apply only if they are unable to perform a defined number of daily activities during 3 months in a row. AIG will pay out the lower of £1,500, or your monthly benefit.
Also AIG offers over-insurance protection: if your income falls and you fail to let your adviser know about this, AIG could offer you a refund in the form of a “premium holiday”, should you be ineligible for your full benefit.
Things to Know About AIG
Incapacity Definition: It’s worth bearing in mind that you have a full-time job in what would normally be considered a low-risk occupation (perhaps you work in an office), AIG are likely to use an “own occupation” definition. However, should you earn your living doing something more dangerous, they may define your job as a “suited occupation”.
You must tell them if your job type changes substantially, for example you give up your office job to run racing driver courses, or if you stop teaching people how to go caving in favour of a warmer work place like a school.
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