American General Life Insurance
When you are looking for insurance, the one thing you should do even before you consider which of their insurance products you would like more information on is to check that company’s rating with the Better Business Bureau (BBB). The reason for that is quite simple. If you are going to be paying premiums for insurance against the potential for future loss, you want a company that has a history of honoring and paying claims made against insurance policies they carry. American General Life Insurance carries a number of life and accident insurance products and they have an A+ rating with the BBB. American General Life Insurance products range from simple term life insurance right through to one of the newest and most innovative products on the market, Quality of Life insurance. The plan you choose should be tailored to your individual and family needs.
American General Term Life Insurance
Term life insurance from American General (AG) is available under two distinct types of policies, AG Select-a-Term and AG ROP Select-a-Term. The first plan has flexible terms that can be selected including 10 or 15 through 30 year periods. This type of policy closely resembles conventional term life but differs because the policy holder is able to choose the period of time, or term, of the policy. AG ROP Select-a-Term has the same great flexible terms but also provides for those times when policyholders outlive the policy. In this situation, the policy holder would get back all of his or her money when the term is up. Many people view this as a nice alternative to costlier whole or universal life insurance policies.
Universal Life Insurance
One of the newer insurance products that is offered by AG is universal life which enables the policy holder to select both the amount of the insurance and the premium to be paid. Although there are certain limitations, the policyholder is free to choose the amount of coverage and the premiums being paid as their financial situation changes over time. Similar to Whole Life insurance, a portion of the premium goes into an account that accrues a cash value that can be redeemed at some future point or borrowed against if the need arise. Also, any cost of insurance charges and policy expenses will be deducted from the cash value of the policy.
Whole Life Insurance
Of all types of permanent life insurance, whole life is the most common. This type of policy provides not only a guaranteed death benefit (face value), but they also provide cash values that are guaranteed. A portion of each premium that is paid is applied to the cash value of the policy and is considered to be tax-deferred as it grows. There are times when a whole life policy may provide excess interest and dividends from the insurer’s surplus, but excess interest and dividends are not guaranteed.
Quality of Life Insurance
Most life insurance policies are designed to provide for the policy holder’s loved ones should he or she meet with a premature death. Sometimes life insurance is simply enough to cover final expenses and other times the policy is large enough to pay off existing debt so the beneficiaries will not need to struggle in the absence of the person supporting the household. Quality of Life insurance is a type of life insurance policy that not only provides death benefits but can also provide benefits should the person become disabled and unable to work, or perhaps diagnosed with a terminal illness. This is one of the newest products offered by AG and one that appears to have the most flexible and widest range of coverages.
With more than 100 years behind them in the life insurance industry and an A+ rating with the Better Business Bureau, American General Life Insurance should be one of the quotes you look at when comparing insurance rates to get the most for your money. One thing to remember is that price should not always be the determining factor. The insurance company’s ability and willingness to pay claims should be your number one concern, and AG excels in this area.