AIG is now BMO:20 Pay Life – AIG’s whole life plan


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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