American General Life Insurance Company Review

Joseph Meyer
Written by
Last update:

American General Life Insurance Review

American General’s Ratings and BBB Grade

The Better Business Bureau (BBB) is a nonprofit organization that was created in 1912. With more than 100 years serving businesses, it has become the most highly trusted resource in order to find a trustworthy company. Today, the BBB has recorded more than 1.5 million businesses in its rating system. It is the first place where anyone can find reviews about a product or service. It averages about 51 complaints a year and has an A+ rating.

American General has received 93 complaints in the past three years which are lower than average. Out of 1,800 life insurance companies reviewed by the BBB, this gives them a grade of B+ and is rated at a top level of service.

Life Insurance Options

What Are Your Needs?

The average life insurance policy is 10 to 15 per cent of your income. For someone with a gross income of Rs. 50,000 in Mumbai, that amount comes to around Rs. 2.5 lakh a year. But it doesn’t mean that you should buy a policy with that sum at the onset. Consider the average cost of the following: education, marriage, expenses on your retirement and health condition. Education, marriage and retirement costs go up, so do the rate of inflation. Thus, you have to take inflation into account.

As a rule of thumb, you should hold life insurance from the year you are in college to the year your savings reach 65 per cent of your life income. The moment you start earning a stable income, you must start buying insurance.

To begin with, you must assess your life insurance needs. So, talk to your family members and then decide on what you would want them to get if you were to leave. You can also take a look at the final tax return that you filed in the last year or your Income Tax Assessment Order (ITAO) from the last three years. Once you know your approximate income history, you can calculate the life insurance.

Other Coverage and Products Provided

General American offers a full range of financial services beyond just insurance, including banking, investment services, and retirement solutions.

The General American brand is known for affordable insurance policies and reasonable premiums for its products. In addition to discount Life Insurance, General American has a full line of term life insurance, disability, and long term care policies. It also provides a number of investment and retirement products.

The company is currently led by Chairman and CEO John L. Hoagland and has headquarters in Brentwood, Tennessee. General American divides the country into five regions where regional managers are in charge of sales and service. There are around 2,400 employees working out of 41 regional and division offices.

The term life insurance products offered include Level Term Life, Universal Life, Jumbos, and Guaranteed Universal Life. The company also offers a number of other progressive insurance products such as accident, cancer, critical illness, same as cash, and supplemental life insurance.

In the late 2000’s, General American had a few missteps which caused a dip in the company’s ratings. It was viewed as a maturing company with an aging customer base. In addition, General American came under scrutiny for the way it calculated earnings by the an actuary and an outside audit.