AIG is now BMO:AIG Life’s Universal Life Plans can be a great fit

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AIG Life has three separate universal life programs with over 400 investment options—so when you go shopping, you’d better pick a broker who knows his/her stuff.

AIG’s Life Provider plan is available from birth to age 50, and at face amounts from $25,000 to $500,000. The lower face amounts are great for parents who want to set up a low-cost level rate insurance policy for their children. Larger policy amounts are available under the Life Dimension or Life Dimension Prestige plans. The latter has no surrender charges if you want to withdraw funds in the early policy years.

Their universal policies are available with a whole host of riders, including a critical illness, term 10, term 20, or children’s term riders. Their investment options include AIM Trimark, Mackenzie, Franklin Templeton and AGF. They also offer index funds and guaranteed investments within their Universal Life accounts.

Their rates are competitive at most ages. A 45-year-old male who applies for $250,000 of Universal life level cost coverage would pay a minimum premium (i.e., the premium to keep the plan in force) of $175.39 per month.

Universal life coverage on its own can be a confusing topic, but when combined with AIG’s myriad of investment and insurance choices, it can get a bit overwhelming. But if you do homework and work with a qualified broker, AIG can be a great fit.