AIG is now BMO:AIG’s Whole Life plan 20 Pay Life

AIG’s whole life plan is referred to as 20 Pay Life. It is a non-participating whole life policy, as it does not participate in the profits of the company as does a participating whole life policy.

AIG’s 20 Pay life is more expensive than competing non-participating policies, but it has features unavailable in rival plans. The main benefit of 20 Pay Life is that it starts building cash value and offers reduced paid-up insurance in the eleventh policy year. Most competing plans only offer cash values and paid-up values after the twentieth policy year. The plan also offers a host of riders, including term riders on the primary insured or a spouse, a children’s term rider, accidental death coverage, and a waiver of premium in the event of disability.

A 35-year-old male non smoker can take out $100,000 of AIG’s non-participating whole life 20 Pay Life plan for a premium of $107.67 a month. The cash value is $8,407 after 10 years and $22,420 after 20 years.

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  • LSM Insurance
    June 17, 2009 at 2:46 pm

    Hi Georgeta,

    Thanks for the note. Life insurance can be used to replace lost income or cover debts such as mortgage or line of credit.

    One big advantage of taking out life insurance now especially a Permanent plan is the rates are level for life and are based on your current age and health.

    Regards … Lorne

  • Georgeta
    June 17, 2009 at 12:54 pm

    24 years male, non smoking ,very good healthy please send to us your purpose for life insurance.