American Life Insurance-one of the Most Trusted Company

American Life Insurance the most trusted company which has a reputation of about 87 years. This company is one of the globally recognized life insurance companies and it has a number of branches all over the world which has a vast customer line following. American Life Insurance gives various tax benefits to all its insurance policy holders and it also takes care of all your life insurance related policies like retirement insurance policy, wealth management policy, medical insurance, health insurance etc.

Life insurance basic terms as you know is an important factor in every person's life and when it comes to life insurance age is not the main criteria when it comes to get your life insured. American Life Insurance also known as AIG insurance company and majority of Americans has insured themselves with this life insurance company. The market value of this company is high and you can find the companies ratings in the financial books due to their vast financial transactions with other financial institutes.

There are two major life insurance policies that this AIG Insurance Company deals with i.e. the Term Life Insurance and Whole Life Insurance. In case of Term Life Insurance the policy taken is for a short period of time and Whole Life Insurance is where you get yourself insured for your whole life.

AIG insurance company is one such life insurance company that charters to the needs of the common person. One of the benefits of getting insured in this life insurance company is that you reap a rich harvest of life insurance benefits on all your life insurance policies which no other life insurance company provides you as this company provides you with the benefits when you are still alive.

This life insurance company in order to increase its relationship with their vast flowing customer's have started life insurance online services which has made it easy and convenient for them to get themselves and their family members insured staying within the very comforts of their own house. AIG Insurance is one of the most sought of companies and it is a tough competitor to other life insurance companies.

How to Get Life Insurance

Here are some ways to get Life Insurance:

Through an Agent or Financial Advisor
Most people buy life insurance through agents or other financial advisors, and for good reason. Determining how much and what kind of insurance to buy is one of the most important financial decisions you'll ever make, but it's also one of the most complicated. A qualified agent will conduct a comprehensive financial needs analysis, and walk you through the multitude of questions you need to consider to determine how much and what kind of insurance is right for you. Of course, the quality of advice you get is dependent on how good your agent is. You'll obviously want to work with someone who has the right licensing, training, and experience. But don't underestimate the importance of finding someone who's a good listener. A good agent will take the time to understand your objectives, help you construct a financial game plan, and then work with you to find the right insurance products for your specific situation. Click here to arrange a free consultation with a New York Life agent in your area.

At the Workplace
Obtaining life insurance through your employer is another option to consider. Your first step should be to make sure you understand how much coverage your employer provides at no cost to you. Many employers provide, at their own expense, a "basic" life insurance benefit, often equal to one to two times your base salary. While this is a nice benefit to have, insurance experts believe that most people need somewhere in the range of five to fifteen times their net income and sometimes even more than that.

If you feel you need more coverage than your employer provides, then you have two choices. You can either purchase additional coverage through work (most group plans will offer this option) or buy the extra coverage on your own. Determining whether it makes sense to buy through your employer usually depends on your age and health status. How so? With most group plans, employees are offered the same premium as others in their general age bracket (e.g., 25-34 year olds), regardless of their health status or actual age. So if you're healthy or near the lower end of your age bracket, this one-size-fits-all premium may be higher than what you would find if you shopped around on your own. On the other hand, if you're an older employee or perhaps suffer from a chronic health condition, increasing your coverage through work might be a great option because you might not be able to find a policy on the open market that's as affordable as what your employer is offering.

Via the Internet
Like most things nowadays, life insurance can be purchased online. You can get instant quotes, apply for, and even purchase policies. To make sure you get the right amount and type of insurance, the better sites won't allow you to complete the purchasing process until you've spoken with a qualified insurance agent. Some sites work like a brokerage agency. They'll have contractual relationships with, say, 10 or 20 companies, and they'll broker your case with the company that offers the best product for your specific needs and circumstances.

Other insurance e-commerce sites are more like insurance policy marketplaces. They promote the products of a large number of companies and function a lot like a search engine. Their main objective is to take the data you enter into their online quote engine and link you to a company that has a product that's compatible with your specifications. Some insurance company Web sites also offer the option of buying online, but most typically will try to direct you to an agent who can provide you with personalized service. Keep in mind, most Web sites only offer term insurance, not permanent. Also, if you buy online, the onus is often on you to figure out which policy is right for you. If you're about to buy a policy but you're not sure that you're making the right decision, it's never a bad idea to run the quotes by an agent in your community. He or she can assess the information you've gathered and may even be able to offer you the same types of policies at competitive prices. If not, you can always return to the Internet to complete your purchase and you'll have the peace of mind of knowing that you're buying the right product for your specific needs.

Over the Phone or By Mail
Internet purchases of life insurance is one form of direct buying, but certainly not the only one. There are a number of companies that advertise and market almost exclusively via toll-free numbers and/or direct mail solicitations. How might this benefit you? If you want to buy term insurance and you have a good sense of how much coverage you need, you may be able to get a good deal by buying directly. Just be aware of the limitations of buying direct. Most direct sellers only offer term insurance, and you generally won't have the benefit of expert advice from a qualified life insurance professional.

What You Need to Know

To help you make the right insurance decisions for yourself and your family, read through these important questions and answers. They'll help you make an informed decision when it comes time to make a life insurance purchase.

Key considerations
What are accelerated death benefits and how do they work?
Many policies contain a provision that allows a terminally ill person to collect a portion of his or her policy's death benefit, typically 50% to 75%, while that person is still alive. The money can be used to get one's family finances in order, pay for uncovered medical expenses, or simply do certain things for your family or friends while you still can. It's important to note that the amount you take out while still living will be subtracted from the payments to your beneficiaries along with an interest charge to account for early payment of benefits.

By using medical tests, are insurers trying to eliminate any applicant likely to develop a serious health condition?
Medical tests provide accurate and current information about an applicant's health, thus enabling insurers to charge premiums that reflect the level of risk an applicant represents. Because some health conditions are easily managed through proper medication, therapy, or lifestyle changes, medical information makes it possible for insurers to cover applicants with certain health conditions. More serious or incurable conditions present a very significant risk that some insurers simply may not want to assume.

What should I consider in naming life insurance beneficiaries?

• Always name a "contingent," or secondary, beneficiary, just in case you outlive your first beneficiary.
• Select a specific beneficiary, rather than having the proceeds of your life insurance paid to your estate. One of the great advantages of life insurance is that it can be paid to your family immediately. If it is payable to your estate, however, it will have to go through probate with the rest of your assets.
• Be very specific in wording beneficiary designations. Saying "wife of the insured" could result in an ex-spouse getting the proceeds. Naming specific children may exclude those born later. If your child dies before you, do you want the proceeds to go to that child's children? Changing the beneficiary designation is easy, but you have to remember to do it. Due to the various issues involved, an agent can be an excellent source of information to help you properly set up your beneficiary designation.

Does it make sense to replace a policy?
Think twice before you do, because in many situations it may not be to your advantage. Before dropping any in-force policy, consider:

• If your health status has changed over the years, you may no longer be insurable at standard rates.
• Your present policy may have a lower premium rate than is required on a new policy of the same type (if, for no other reason, that you have grown older).
• If you replace one cash-value policy with another, the cash value of the new policy may be relatively small for several years and may never be as large as that of the original one.
• You will be subject to a new contestability period.

You should ask your insurance agent for a detailed listing of cost breakdowns of both policies, including premiums, cash surrender value, and death benefits. Compare these as well as the features offered by both policies.

If you decide to surrender or reduce the value of the policy you now own and replace it with other insurance, be sure that:

• the agent making the proposal puts it in writing;
• you pass any required medical examination; and
• your new policy is in force before you cancel the old one.

What happens if I fail to make the required premium payments?
If you miss a premium payment, you typically have a 30- or 31-day grace period during which you can pay the premium with no interest charged. If you own a term policy and fail to pay your premium within the grace period, your insurance company will typically terminate the policy. If you own a permanent policy and fail to pay your premium within the grace period, your insurance company, with your authorization, can draw from your policy's cash value to keep the policy in force. In some flexible-premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policy. However, this will result in lower cash values and a shortened coverage period.

Should I just buy basic life insurance coverage or is it worth considering the "bells and whistles" that some policies offer?
Whether you should consider adding a rider to a policy you're considering really depends on your specific needs, objectives, and budget. Here are a few riders that you should at least take a close look at. A disability waiver of premium rider stipulates that if you become totally disabled for a specified period of time, you don't have to pay premiums for the duration of the disability. Why might you want to consider such a provision? Disabling illnesses and injuries are much more common than you probably realize. If you become disabled and your income declines or disappears for a period of time, a disability waiver of premium ensures that your life insurance policy will remain in force. An accidental death benefit is another common rider. It will pay an additional benefit in the case of a death resulting from an accident. Many companies offer accelerated death benefits, also known as living benefits. This type of rider allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die. Such circumstances include terminal or catastrophic illness, the need for long-term care, or confinement to a nursing home. Ask your agent for information about these and other policy riders.

How Much Life Insurance Do You Need?

The question isn't really how much life insurance you need, it's how much money your family will need after you're gone. Ask yourself:

• How much money will my family need after my death to meet immediate expenses, such as funeral expenses and debts?
• How much money will my family need to maintain their standard of living over the long run?

Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes, and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations such as everyday living expenses, money for college or your spouse's retirement, and so much more.

But how do you know if you need $100,000, $500,000, $1 million or more? The most common way to determine your life insurance needs is by conducting what's called a Capital Needs Analysis.

Here's how it works. Start by evaluating your family's needs. Gather all of your personal financial information and estimate what each of your family members would need to meet current and future financial obligations. Then tally up all of the resources that your surviving family members could draw upon to support themselves. The difference between their needs and the resources in place to meet those needs is your need for additional life insurance (see below).

Current and future financial obligations

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Existing resources including survivors' earnings, savings, and investments and life insurance that you already own

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Life insurance needed

This may look simple enough, but calculating one's life insurance needs can actually get pretty complicated. To make it easy for you to get a general sense of your needs, check out our life insurance needs calculator. It'll walk you through the process and provide you with an estimate of your insurance needs in a matter of minutes.

• Life insurance needs calculator

What Kind of Life Insurance?

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage...

Permanent insurance
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals, or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time...

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

The best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.