Before You Buy AIG Life (Corebridge Financial) Life Insurance: Product Specs and What to Check

AIG Life / Corebridge Financial: the brand transition

AIG Life Limited (FCA FRN 310573) rebranded to Corebridge Financial in 2023, following AIG Group's decision to restructure its life and retirement services globally. The underlying underwriting entity -- AIG Life Limited -- remains unchanged, with the same FCA registration and the same UK regulatory framework. Policyholders who purchased AIG Life policies before the rebrand continue to hold valid contracts with AIG Life Limited; the rebrand does not affect policy terms or claims.

For consumers comparing protection products in 2025/26, "Corebridge Financial" is the trading name under which AIG Life Limited's products are now marketed in the UK. Protection brokers and advisers may refer to the insurer by either name. On the FCA Register and policy documents, the entity remains AIG Life Limited (FRN 310573).

Product range and specifications

Level term life insurance provides a fixed lump sum on death during the policy term. Terminal illness benefit is included as standard across AIG/Corebridge term products. The policy is available on single or joint life basis.

Decreasing term life insurance tracks a reducing mortgage balance. The reduction schedule is based on a notional interest rate; verify alignment with your actual mortgage rate.

Increasing term and family income benefit are available through the adviser channel, providing inflation-linked cover or monthly income benefit respectively.

Whole of life: AIG/Corebridge offers whole-of-life products for estate and IHT planning purposes.

AIG/Corebridge also offers critical illness cover as an add-on. The critical illness product covers a defined list of conditions with specific severity criteria. Children's benefit is included.

Smart Health: the in-policy benefit

AIG/Corebridge includes its Smart Health service with life insurance and critical illness products. Smart Health provides:

24/7 GP access via video or phone consultation, typically available within hours.

Mental health support through therapists and counsellors, available throughout the policy term.

Second medical opinion from specialist doctors for complex diagnoses or treatment decisions.

Nutritional advice from qualified nutritionists -- a feature not available in all rival in-policy benefit programmes.

Smart Health is comparable in structure to Royal London's Helping Hand and LV='s Doctor Services. The nutritional advice component is a differentiated feature. Consumers choosing between these products should assess which in-policy benefit matches their anticipated needs.

AIG/Corebridge underwriting reputation

AIG Life has historically been known among specialist protection brokers for a more generous approach to certain underwriting scenarios than standard algorithmic insurers. Specific areas where AIG has been noted for favourable terms include: HIV-positive applicants (AIG was among the first major UK life insurers to offer standard-rate policies to HIV-positive applicants on effective antiretroviral treatment); certain previous cancer cases (where remission periods and stage at diagnosis qualify for standard or near-standard terms); and some disclosed historical non-disclosure cases where the condition is now stable.

This underwriting approach does not mean AIG is the most competitive insurer for all profiles. For standard healthy profiles, Legal and General and Aviva are typically more price-competitive. AIG's value is most pronounced for applicants who face difficulty obtaining standard terms from mainstream underwriters.

Who AIG/Corebridge life insurance suits

AIG/Corebridge suits consumers with non-standard health or lifestyle profiles where its underwriting approach may produce more favourable terms than standard algorithmic insurers. It also suits consumers who value the Smart Health benefit, particularly the nutritional advice component not available at all rivals.

Consumers with HIV (on effective antiretroviral treatment with undetectable viral load) should specifically explore AIG/Corebridge as a primary option, as its approach to this condition is more established than most rivals.

Where AIG/Corebridge is a weaker fit

Standard healthy profiles seeking the lowest premium will find Legal and General or Aviva more price-competitive. AIG's pricing advantage is concentrated in non-standard underwriting scenarios.

Five things to check before you buy AIG/Corebridge life insurance

1. Confirm the trading name and underwriting entity. The product may be marketed as Corebridge Financial. The underwriting entity is AIG Life Limited (FRN 310573). Verify on the FCA Register.
2. Is your health profile one where AIG's underwriting approach may be advantageous? A specialist protection broker can identify whether AIG's underwriting produces more favourable terms for your specific profile than standard market alternatives.
3. Compare Smart Health against other in-policy benefits. Assess whether Smart Health's nutritional advice component is relevant to your circumstances. Compare against Royal London's Helping Hand and LV='s Doctor Services.
4. For non-disclosure scenarios: work with a specialist broker. If you have previously had a life insurance application declined or loaded due to a health condition that has subsequently changed, a specialist protection broker can assess whether AIG/Corebridge or another insurer will offer improved terms under current medical evidence.
5. Write in trust. AIG/Corebridge provides trust documentation. For estates approaching or above the IHT nil-rate band, writing in trust prevents the payout forming part of the taxable estate.

Writing your policy in trust

A life insurance policy written in trust passes the payout directly to named beneficiaries without entering your estate. This avoids probate delay -- beneficiaries receive the payout in days rather than weeks or months -- and removes the sum from your estate for Inheritance Tax purposes. IHT is charged at 40% on estates above the current nil-rate band of £325,000. A £300,000 life insurance payout forming part of a taxable estate generates a £120,000 IHT liability before beneficiaries receive anything. Written in trust, that payout bypasses the estate entirely. All major UK life insurers provide free trust documentation. Setting up a trust requires completing a trust form naming trustees and beneficiaries. An FCA-authorised financial adviser can advise on the appropriate trust structure for your estate.

The underwriting process

Life insurance underwriting assesses your risk profile to set premiums. For standard cover amounts, underwriting is typically non-medical: you answer health, lifestyle, and occupation questions on the application. Accurate and complete answers are legally required. Non-disclosure of material health information is the most common reason for declined claims across the life insurance market. For higher cover amounts (typically above £500,000 to £750,000), the insurer may request a GP report, nurse medical, or blood tests. Smoker status is a material underwriting factor: an applicant who has smoked within the last 12 months pays significantly higher premiums -- typically 80% to 120% more than a non-smoker for equivalent cover. Stopping smoking for 12 months qualifies for non-smoker rates at most insurers, though the exact qualifying period varies. BMI, hazardous occupations, and recreational activities such as motor racing, skydiving, or diving beyond certain depths may also affect terms.

Non-disclosure: why accurate answers are essential

Non-disclosure -- failing to accurately answer health, lifestyle, or occupation questions on a life insurance application -- is the most common reason life insurance claims are declined. This applies to all UK life insurers including Aviva, Legal and General, Royal London, and every provider covered in this series.

The duty of disclosure in UK life insurance is governed by the Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA). Under CIDRA, consumers must take reasonable care not to make a misrepresentation when applying for insurance. A misrepresentation is reckless or deliberate if the applicant knew a fact was relevant and chose not to disclose it, or honest if it results from a genuine mistake or oversight.

The remedy depends on the type of misrepresentation. A deliberate or reckless non-disclosure allows the insurer to void the policy from inception and decline all claims. A careless non-disclosure allows the insurer to apply the remedy proportionate to what they would have done had they known the fact -- which may include declining the claim, reducing the payout, or treating the policy as if different terms applied.

Practically: always answer all health questions fully and accurately. If you are uncertain whether a condition is material, disclose it. The short-term premium saving from understating a health condition is not worth the risk of the policy being void at claim stage when beneficiaries need the payout.

Converting and changing a life insurance policy

Life insurance policies are generally not transferable between insurers without a new application and underwriting. If you have a policy with one insurer and want to switch to another, you will need to apply fresh, and the new insurer will underwrite you on your current health profile -- not the profile you had when the original policy was taken out. If your health has changed materially since the original application, switching insurers may result in loadings, exclusions, or declines that did not apply at original inception.

For this reason, life insurance should be treated as a long-term commitment where the original underwriting terms are preserved. Cancelling a policy to replace it with a cheaper one from a different insurer may be rational if your health is unchanged, but the risk of changed underwriting terms means the decision should be made carefully rather than on premium alone.

Some life insurance policies include guaranteed insurability events -- the ability to increase the cover amount at specified life events (marriage, birth of a child, new mortgage) without new medical underwriting. These events provide an opportunity to increase cover without the risk of changed underwriting, and should be used rather than applying for a new policy where the original policy includes this feature.

Sources

FCA Financial Services Register (register.fca.org.uk) • Financial Ombudsman Service Annual Data (financial-ombudsman.org.uk) • Insurer annual claims reports (provider-published) • Defaqto Star Ratings 2026 (defaqto.com) • Association of British Insurers (abi.org.uk) • Financial Services Compensation Scheme (fscs.org.uk)