Convert Your Term Policy

AIG (American General) Term Life Insurance Conversion

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Quick tip: If you’re interested in converting your AIG term life insurance policy, fill out the form on the side and we’ll help you with your options.

Big update: AIG has just recently opened up all their permanent products available for conversion (more information below).

For some background, we’ll use AIG and American General interchangeably. Currently, the company is called AIG, but the life insurance division of AIG used to be named “American General”.

If you’ve purchased an AIG/American General term life insurance product that you’re interested in converting, you’ve most likely purchased their “Select-A-Term” product. There are other AIG term products out there and those are convertible as well, but 95% of the AIG policies we’ve converted were the Select-A-Term product.

AIG Term Life Insurance Conversion Period

You can convert your term life insurance policy to a permanent life insurance policy with AIG up until age 70.

It’s important to understand that life insurance companies allow you to convert to any permanent policy they have within a certain amount of time. After that period of time passes, they limit what companies you can convert to.

Here is the verbiage directly from AIG:

“AIG Select-a-Term policies may be converted to ANY universal life insurance policy issued by AIG or “The United States Life Insurance Company” (AIG’s company name in NY) up to the 96th month (prior to the eighth policy anniversary) on 10 Year term contracts and up to the 120th month (prior to the tenth policy anniversary) for term contracts with Term Periods greater than 10 years, subject to the age limitations of the term policy’s conversion provision which is 70 years old. Products available for term conversions after those term periods are AG Extend IULSM (minimum face amount of $50,000) or American Elite Whole Life.”

Let me explain what AIG is saying a little clearer.

You can convert to any of their universal life insurance policies in the first 8 years of a 10 year term. If you purchased a 15 year term or higher, you can convert to any AIG universal life insurance policy for 10 years. So if you’re nearing the end of that conversion period, there should be an urgency to convert if you intend to….because after that period ends, you’ll be converting to AIG’s inferior permanent products which typically don’t have the guarantees or better pricing of their other permanent life insurance products.

BIG UPDATE:  AIG has recently opened up all their permanent products available for conversion (ignore the last sentence above for now).

This includes converting your term life insurance policy to any of these products:

• Max Accumulator+ (not available in NY, VT)

• Secure Lifetime GUL 3 (not approved in NY)

• Value+ Protector (not available in NY, VT)

• Elite UL (available all states)

• Elite Index II (not approved in VT)

• Elite Global Plus II (not approved in VT)

• Value+ IUL (not approved VT)

• AG Extend IUL (not approved in VT)

• American Elite Whole Life (available in all states)

• AG Platinum Choice VUL (not approved in NY)

I know that doesn’t mean much to you – just know that AIG is open for business on term conversions and we don’t expect ALL these options to last.  They never do.

Those products are still worth converting to if you’re in a bind – maybe your term is ending and you can’t qualify for coverage elsewhere. But you’ll get a better policy if you’re able to convert within the time frames listed above.

Also, within the first 2 years of a term life insurance policy, you can convert to a “Return of Premium” term life insurance policy. As a very general rule of thumb, expect to pay double your term life insurance premium but when your term expires, you’ll be refunded all premiums.

Frequently Asked Questions on AIG Term Life Insurance Conversions

Can you convert to a Guaranteed Universal Life Insurance Product?

Yes. If it’s within the conversion time period listed above (first 8 years of a 10 year term, or first 10 years of a 15-30 year term).

This is the most popular conversion product. It guarantees level premiums and coverage for your entire life at the lowest cost possible.

Can you convert to a Survivorship Universal Life Insurance Product?

No. Not with AIG.

Can you convert a portion of your term life insurance policy (not the whole amount)?

Yes. You can do a partial conversion.

Most people only convert a portion of their term life insurance to keep within budget.

You can cancel the rest of the term life insurance or keep it until it expires. The remaining term life insurance must be at or above the minimums with AIG to remain in force though.

How many times can you convert your term life insurance with AIG?

1 time only.

Does AIG provide term conversion credits?


Is my waiver of premium rider convertible?


To add to this, if you’re currently exercising your waiver of premium on your term policy, you can still convert, but you will no longer be on waiver and have to pay for your premiums.

How do I find out how much it will cost to convert my term life insurance policy?

That’s where we come in and help. We mentioned above that you can convert to any term life insurance policy within a certain amount of time, however AIG changes the name of the policies from time to time

I don’t have an AIG “Select a Term” policy, can you still help me?

Yes. Fill out our contact form and let us know what product you have and we’ll let you know your options.

Can I convert to another life insurance companies permanent products?

YES! Some very reputable life insurance companies have what’s called an external term conversion which allow you to convert your term life insurance to their permanent products. It typically has to be within 5 years of purchasing your AIG term life insurance though.  We’ll weigh these options for you if you qualify.

Bottom Line

We help consumers convert their AIG term life insurance policies frequently. Even though we’re not the agent on your term policy, we can and will still help you.

And for full transparency, we are compensated by AIG when we help you convert your policy – nothing comes out of pocket from you for our service. Even if you decide not to move forward.

We work on behalf of you and not any life insurance company.  If you’d like to possibly convert your AIG term life insurance policy, fill out the form on the side and we’ll get to work for you.

About Term Life Conversion
About Term Life Conversion

We work with individuals across the nation to secure the best life insurance rates.

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