AIG – Mortgage Protection Insurance Review (2024)

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AIG

Established as a general insurance agency in 1919 by Cornelius Vander Starr, AIG is one of today’s leading insurers. The AIG of today focuses on one thing: giving clients the diverse insurance coverage they need. Today, we will focus on its mortgage protection plans.

Does AIG Offer Mortgage Protection Insurance?

The mortgage protection insurance policies offered by AIG cover the principal and interest on home mortgages when owners cannot make payments due to sickness, disability, or unemployment. Benefits aren’t given to the policyholder; rather, they’re paid directly to the lender. Unlike some types of insurance, these policies decline in value as mortgage payments are made.

AIG Mortgage Protection Insurance Cost

AIG offers mortgage insurance at competitive rates. When its underwriters calculate your monthly rate, they’ll do so in consideration of factors including your:

Coverage requirements. The primary factor in a policy’s cost is the buyer’s coverage needs. The more insurance you require, the more you will pay each month.

Your age at the time of purchase. The price you’ll pay for an AIG mortgage protection plan depends on your age. Like other kinds of insurance, older people pay more.

Health. For those with hereditary diseases, failing health, and dangerous jobs, these policies will cost more.

Gender. While some people think it’s discriminatory, men usually pay more for this coverage than women do.

Geographic location. The home’s location is another determining factor in the cost of mortgage protection insurance. For example, those in tornado- and flood-prone areas will likely pay more.

Habits. A person who consumes tobacco will pay a higher monthly premium.

If you opt to purchase extra coverage, you’ll pay more. Read on to learn about the most common AIG mortgage protection insurance add-ons.

Riders for AIG Mortgage Life Insurance

A mortgage life insurance rider is an add-on to a standard policy; it provides different benefits based on the buyer’s selection and the type of policy purchased. There are a variety of policy riders, but most customers opt for:

Unemployment coverage. Policyholders can purchase this type of coverage if it is not included in the policy. An unemployment rider on an AIG policy covers the holder’s mortgage if they lose their job involuntarily and for a covered reason. These riders usually have a waiting period, after which up to six months of mortgage payments will be covered during the policyholder’s job search.

Disability. If an AIG policyholder becomes disabled and cannot work to pay his or her mortgage, the disability rider will kick in. This optional coverage is a great idea for those with inherited conditions and people in dangerous occupations.

These are some of the additional coverages available with AIG mortgage insurance policies. Learn more by calling a licensed agent in your area.

While it’s entirely optional, a mortgage protection policy is a fantastic option for families everywhere. By buying an AIG policy, you will protect your home and family from the unexpected.