Single with no kids? No need for life insurance, right?
Not everyone wants to go through the hassle of the medical underwriting process for their life insurance policy. Imagine getting valuable life insurance protection with our distinctive IUL non-medical opportunity.
“Non-Medical Underwriting” or “Non-Med” as described in this document, means that no in-person paramedical examination will be required of a life insurance applicant.
1 In the event American General is unable to make an underwriting decision based off of the information available via the Non-Medical Underwriting process you will be given the
option to move to the fully underwritten process that could include an in-person paramedical examination.
2 If amount applied for on this application plus any coverage issued within the last 12 months is equal to, or greater than $500,000, this new application for coverage will not be
eligible for non-medical underwriting review. This new application for coverage will be reviewed through full underwriting at the applied-for amount. See your agent for details.
Policies issued by: American General Life Insurance Company (AGL), Houston, TX. Policy Form Number: 19646, ICC19-19646 , 19646N REV0120; Rider Form Numbers: ICC15-15600, ICC13-13601, ICC14-14012, ICC16-16420, ICC14-14002, 14306, 07620, ICC15-15997, ICC15-15996, ICC15-15271, ICC15-15274, ICC15-15273, ICC18-18276, except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Number: 15646N; Rider Form Numbers: 17600N, 13601N, 14012N, 16420N, 14002N, 07620N, 15996N, 15274N, 15272N. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. Products may not be available in all states and product features including rates may vary by state. Please refer to your policy.
This information is general in nature, may be subject to change, and does not constitute legal, tax or accounting advice from any company, its employees, financial professionals or other representatives. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.
AGLC200362 © AIG 2020. All rights reserved.
NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE | NO BANK OR CREDIT UNION GUARANTEE | NOT FDIC/NCUA/NCUSIF INSURED
1 In the event American General is unable to make an underwriting decision based off of the information available via the Non-Medical Underwriting process you will be given the option to move to the fully
underwritten process that could include an in-person paramedical examination.
Index Universal Life (IUL)insurance offers innovative features and riders to help maximize and access cash value, possibly tax-free.
Max Accumulator+ IUL
NO
weight check
This means…
It is important to know that we may still ask your health history and look at your public reports.
NO blood
or urine samples
NO blood
pressure check
The whole process is a lot easier.
You get to bypass a medical examiner coming to your home or office!
NO waiting
on lab results
…and no stress!
What makes non-medical underwriting better?
• Easier to buy
Reason #1
Reason #2
Reason #3
• Faster to process
• Faster to issue
Do I qualify?
If we are unable to make an underwriting decision based on the Non-Medical Underwriting process, you have the option to move to a fully underwritten process; which could include an in-person paramedical examination with blood and urine samples.
?
(click the circles to find out)
For ages
0-50
?
For policy amounts $50,000- $499,999
2
2 If amount applied for on this application plus any coverage issued within the last 12 months is equal to, or greater than $500,000, this new application for coverage will not be eligible for non-medical underwriting review. This new application for coverage will be reviewed through full underwriting at the applied-for amount. See your agent for details.
Regardless of ceremony or disposition method, there are costs—perhaps more than you would expect. According to a recent survey , the median cost of a funeral is over $7,500. This does not include “extras” like travel/lodging for loved ones, flowers, etc. As you can imagine, this number can quickly double. Have you considered who pays for all of it?
Click the icons to take a look at common needs that arise after an individual passes, and the impact it can have on the living.
Every future could use some more financial security.
FUNERAL/FINAL EXPENSES
Funeral/Final Expenses
Medical Expenses
Unfortunately, many suffer from lengthy illnesses or extended periods of attempted recovery before they die, and the medical bills can be quite significant. Who pays the bils? Will you need someone to help you pay out of pocket expenses if you were sick? Would you like to be able to repay them?
Medical EXPENSES
Debt
Insurability
Leaving a
Legacy
Supplemental
Savings
Living Benefits
Will all your debt magically be forgiven when you die? While it is true that some loans may be written off as “bad debt,” many lenders will still try to collect from survivors. They will also continue to require payments if a loan was co-signed or guaranteed by another. Click below to look at some potential debts and consequences:
Debt
College Loans
Credit Cards
Auto Loans and Mortgages
• Federal student loans in your name are typically “discharged” (no one needs to pay them off);
• “Parent PLUS” loans are also discharged, but surviving parents must pay income taxes on the forgiven amount. An $80,000 loan may result in a $20,000 tax bill (if your parents are in a 25% bracket)!
• If there is no co-signer, it will depend on the loan agreement;
• If the loan was co-signed by a parent, they are legally obligated to repay the loan – often immediately or at an accelerated pace.
Federal Loans
Private Student Loans
Generally, credit card balances get paid off out of assets after death, if there are enough assets (as part of the “probate” process). Otherwise:
• If the account is in your name only, the debt dies with you. Regrettably, this does not prevent debt collectors from contacting your family and seeking payment;
• If the account is co-signed, the co-signer inherits the debt and must make payments;
• If you are not an account-holder and just a card-holder (“authorized user”), the account-holder will be liable for the entire amount.
Credit Cards
If the loan is co-signed:
• Co-signers must continue making payments, even if the car or home is inherited by someone else.
• If co-signer receives the car or house, then that person can sell the car or house and use the proceeds to pay off the loan. However, there may be significant costs associated with the sale, which may result in net expenses to the co-signer.
If the loan is in your name only:
• The estate attempts to pay off the loan and pass the car or house to the appropriate heir (during the probate process);
• If loan is not paid, lender can repossess the car or foreclose on the house.
Auto Loans and Mortgages
You will likely never be younger and healthier than you are right now. To purchase life insurance later, you may pay increased rates due to age or health issues, or you may not be eligible. Purchasing insurance now can lock in insurance for you and any future family or loved ones.
Insurability
Do you have a charitable organization that is important to you, or a favorite niece or nephew? You can leave an amount to them as a lump sum, or in a trust, potentially providing an ongoing income source.
Leaving a legacy
Certain forms of life insurance can accumulate tax-deferred cash inside the policy. Later, you can use the funds for retirement, buying a house, a future child’s education, etc. The monthly premiums can provide benefits at your death, and become a kind of forced savings.
Supplemental Savings
What happens if you get seriously ill later in life? There are many life insurance policies, which offer to pay benefits while you are living, to cover expenses incurred from things like chronic, critical or terminal illnesses.
Living Benefits
1
NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE NO BANK OR CREDIT UNION GUARANTEE | NOT FDIC/NCUA/NCUSIF INSURED
1 National Funeral Directors Association (NFDA), Member General Price List Study, December 2019
Policies issued by American General Life Insurance Company (AGL), Houston, TX except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Guarantees are backed by the claims-paying ability of the issuing insurance company. Products may not be available in all states and product features may vary by state. Please refer to your policy.
This information is general in nature, may be subject to change, and does not constitute legal, tax or accounting advice from any company, its employees, financial professionals or other representatives. Applicable laws and regulations are complex and subject to change. For advice concerning your individual circumstances, consult an attorney, financial/tax advisor or accountant.
AGLC111128 REV0720 © AIG 2020. All rights reserved.
For more information, please contact your AIG financial representative.
