How can I check the status of a death claim on a life insurance policy?
Life insurance can be a resource of funds for your loved ones to meet their needs in the event of your death. You enter into a contract with an insurance company, which promises to provide your beneficiary(ies) with a certain amount of money (the death benefit) upon your death. In return, you make periodic payments, known as premiums. The amount of the premiums generally depends on factors such as your age, gender, occupation, medical history and whether you intend to build up cash value in your policy. Some policies may require a medical exam.
Yes, if you have bills, a car loan, dependents, or a mortgage, you need life insurance. If you are the primary earner and your income is necessary to maintain the family household, your dependents may suffer financially if you die. The policy’s death benefit can fund your dependents’ needs.
Your income can be considered your family's most valuable asset because it allows you to obtain the necessities of life. Some day you may not be here to provide that income, yet the need for income may continue for those who are financially dependent upon you. Your need for life insurance and the amount required will depend on your personal and financial circumstances. If any of the following statements applies to you, you probably do need to consider life insurance:
- You have a spouse.
- You have dependent children.
- You have an aging parent or disabled relative who depends on you for support.
- Your retirement pension and savings are not enough to insure your spouse's future against a rising cost of living.
- You have a sizeable estate.
- You own a business.
Life insurance is a long-term commitment. Before buying any policy, ask yourself these very important questions:
- How much insurance do I need? If I were to die, what would my spouse and dependents need in order to live comfortably?
- In addition to protection, what am I trying to accomplish with life insurance? Am I accumulating funds for education costs? Providing a way to pay estate taxes? Do I need some additional supplemental income for my retirement or emergencies? Remember that term life pays a death benefit only, while whole life, universal life and variable life policies can supplement your income through withdrawals or loans against a policy's cash value.
- How much can I afford to pay for a policy?
- Is the insurance company I'm considering financially secure? Do they have a good claims payment history, good customer service and competitive prices? Independent companies such as Standard and Poor's, A.M. Best, Moody's, Fitch and Weiss rate insurance companies on these issues. Their publications can be found in your local library or may be available on the Internet.
Term life insurance is typically the least expensive type of coverage, at least initially, and the simplest. These policies do not build up a cash value. Coverage is in effect for a fixed term or period of time, usually one to 30 years, and typically may be renewed after the initial term. The policy pays your beneficiary a fixed death benefit if you die while the policy is in force. The premiums are lowest when you are young and increase upon renewal as you age. Be sure to check your policy for age or other renewal restrictions.
Permanent life insurance includes whole life, universal life and variable life insurance.
Whole life provides protection as well as a guaranteed cash value. The premiums remain at a fixed level for the duration of the policy. Over time, the policy generally builds up cash value on a tax-deferred basis. Some companies pay a dividend, which is a return of excess premiums.
Universal life insurance is a flexible life insurance plan. These policies are interest-sensitive and give the owner the option to adjust the death benefit and/or premium payments, within limits, to fit the owner's situation. The net premium payments are applied to the accumulation fund, which earns a guaranteed interest rate. As with whole life insurance, the cash value belongs to the policy owner, who may withdraw it or borrow against it as provided for in the policy.
Variable life insurance is a life insurance policy that is based on the performance of the financial markets. The policy offers several professionally managed investment options and the policy owner decides how the net policy values are to be invested. The values may accumulate more rapidly than with other cash value policies, but the policy owner incurs additional risk. If market performance is poor, the death benefit may decrease, and/or the policy owner may have to pay higher premiums to keep the policy in effect. As with whole life and universal life policies, policy owners may borrow against or withdraw the cash value at anytime. Loans and withdrawals may reduce cash values and the death benefit.
Always read your policy carefully for any possible charges associated with these transactions. Variable life insurance policies are sold by prospectus, a valuable disclosure document, that should be read carefully.
You can replace your current policy, however there are several issues to consider when determining to change coverage. New policies typically have high costs the first few years. If you want to increase your total life insurance, it may be wiser to keep your old policy and simply add a new one, or increase your specified face amount under the same life insurance policy. Your existing policy premiums will generally be less than those for a new policy, because you bought it when you were younger and you won't lose any existing cash value. A new policy will contain a contestable clause, which will permit the insurance company the option to contest any material misrepresentation. (The two year period on your current policy's contestable clause may have expired.) Be sure to ask your agent, financial advisor or insurance company about the best alternative for your specific situation.
Contact the American General company found on your policy or on any recent correspondence such as a premium notice or an annual statement. Telephone numbers and mailing addresses for our service centers may be found in the Customer Service Locations section of this web site.
We strive to respond to e-mail questions in 48-72 hours; however, it may take longer depending upon the complexity of the request.
Yes. If a request is extremely time-sensitive, call the service center associated with your policy. If a signature is required on a form, send the form to the service center associated with your policy. Also, any information that you consider sensitive and do not want viewed on a computer should be addressed through the service center associated with your policy. For contact information, view the Contact Us section of this Web site.
You can download a customer service request form from this Web site and mail it to the service center named on your policy. Please contact the same service center by telephone or e-mail if you would like assistance.
No. For your protection, requests to change a beneficiary must be submitted in writing and signed by the policy owner(s). Download a customer service request form or submit a written request to change your beneficiary information. Complete and sign the form or submit a written request designating the beneficiaries with their relationship to the insured. The form or written request must be signed and dated by the owner and returned to the company associated with your policy. Please contact the same service center by telephone or e-mail if you would like assistance.
Check the status of your policy by requesting a current policy status through the service center associated with your policy. Service Center information can be found in the Contact Us section of this Web site. If you have a universal life or variable life policy, an annual report with detailed information on the status of your policy is mailed each year on your policy anniversary.
American General underwriting department accepts requests to change a premium class form tobacco use to nontobacco use for certain products. Please contact your agent or use the Contact Us section of this web site and select the service center listed on your policy for details and requirements.
A lapsed policy can only be reinstated during a designated period of time, depending on the policy provision. The insured may be required to submit evidence of insurability, complete a reinstatement application and pay back premiums with interest. Policy reinstatement is subject to approval from American General's underwriting department. Please use the Contact Us section of this Web site and select the service center listed on your policy for information about your reinstatement provision and to request the appropriate forms.
Please contact your agent or use the Contact Us section of this web site and select the service center listed on your policy to apply for a change in coverage. Death benefit increases are subject to policy provisions, underwriting approval and limitations set by the company. Death benefit decreases are subject to policy provisions. Certain policies do not provide for a death benefit decrease.
To decrease the face amount of your policy, consult your policy for limits in the amounts of reduction. You cannot reduce the face amount below the minimum amount set for your policy. Face amount increases are subject to underwriting approval and limitations set by the company.
To make premium payments, you can select either direct bill payment or preauthorized checking. You can select a mode of payment: annual mode (billed once per year), semiannual mode (billed twice a year), quarterly mode (four times a year), and monthly mode (monthly payments are available for preauthorized checking only). Annual billing is generally the least expensive option.
- A premium billing notice will be sent to you 20 days prior to your payment due date, based on the mode you selected. Note: We do not accept direct bill payments on a monthly basis.
- Your payment will be withdrawn from your designated checking account, based on the mode you selected. Note: Monthly, quarterly, semiannual or annual modes are available.
Yes. You can download a customer service request form from this site. Complete and sign the form and return it to the service center associated with your policy. Be sure to include a voided check to start the automatic deductions.
Not at this time. However, these options are being explored for future availability.
You are not required to repay the loan; however, please remember that the death benefit of your contract will be decreased by the amount of any unpaid loan, so we encourage you to make loan payments to restore the full value of your contract.
A one time payment can be made on an outstanding loan at your convenience. You may submit payments as low as $10.00 at any time. Payment proceeds can be mailed to:
PO BOX 0798
CAROL STREAM IL 60132-0798.
When making your loan payment, please be sure to specify the policy number and indicate that the proceeds are for the outstanding loan. This will help with the accuracy of the payment application.
For term life and whole life insurance policies, the grace period to make a premium payment is 31 days after the payment is due. After 31 days, you have a late payment offer of 29 days where the insured is NOT covered but the policy will be reinstated without evidence of insurability upon receipt of the overdue premium.
For universal life insurance policies, the grace period ranges from 30 to 60 days from the date that the cash value is insufficient to cover the monthly deductions.
To file a death claim on a life insurance policy issued by an AIG American General. insurer, please call the Customer Service Center at 1/800-521-2773. To expedite the call please visit the Claims section of our Web site and have the appropriate information ready when calling to file a claim.
To check on the status of a death claim on a life insurance policy, please call the AIG American General Customer Service Center at 1/800-521-2773, Monday through Friday 7 a.m. – 6 p.m. Central Time.
