fbpx AIG Mortgage Protection Insurance (2024 Rates)

AIG Mortgage Protection Insurance Review (2024 Update)

AIG Mortgage Protection Insurance Review

Kelly Maxwell

3/5 Stars


AIG has many life insurance products, but insurance to cover your mortgage leaves much to be desired.


AIG mortgage protection insurance may be a good option for some borrowers, there are a few reasons why someone may not choose to go with them.

Seniors Mutual Insurance is an independent agency representing all of the top companies to find the best rates or product for you.

This article will show you what they offer and our take on AIG mortgage protection insurance.

Table Of Contents

AIG Mortgage Protection Insurance Overview

Aside from AIG’s traditional term life insurance, they have a product called “Quality Of Life” Insurance that they use as their mortgage protection insurance product.

It is different from traditional term life in that it comes with living benefits to pay monthly mortgage payments in the event you get sick with a terminal or chronic illness.

This is pretty much standard for mortgage protection insurance policies.

However, AIG makes you pay extra for their “Quality Of Life” product, whereas most other companies will offer those benefits free of charge.

AIG Mortgage Protection Living Benefits

Aside from the standard death benefit, the living benefits offered at additional charge will pay out the following while still living.

Terminal Illness Rider

If you are diagnosed with a terminal illness and given less than 12 months to live, you can accelerate up to 50% of the death benefit, up to $250,000.

Compared to other mortgage protection insurance policies, this one costs extra and and you can only accelerate up to 50%, whereas most other companies will let you accelerate up to 95%.

Chronic/Critical Illness Rider

This rider also comes at extra cost from the traditional insurance. AIG’s chronic and critical illness rider pays out a percentage of the policy if you are diagnosed with a serious chronic or terminal illness. These payments would be used for the mortgage or any other health costs that you may have.

Compared to other mortgage protection companies, this rider does not come free of charge, and has lower acceleration benefits than others.

AIG Mortgage Protection Insurance Cost

AIG’s average mortgage protection premiums are average.

Not high or low.

However, they will classify everyone into “health ratings” similar to every other company.

In our experience, AIG often rates people worse than comparable companies, giving them “standard” or “sub-standard” ratings.

Since they are tougher on the underwriting than other companies, most people will get worse rates from AIG for mortgage protection than other companies with more relaxed underwriting.

They will also require a medical exam for their policy, whereas many other companies will waive this requirement or some even never require it.


AIG Insurance is legit.

However, their underwriting is tougher than other companies, giving people worse ratings and higher monthly premiums than many others.

On top of that, for the valuable living benefits it costs extra, when most other companies give out those free of charge.

For these reasons, we recommend looking at other options to protect your family from the mortgage.

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Fill out our quoter or reach out to find the best rates to cover your mortgage today.