Corebridge Financial Review: History, Financial Stability, and Sample Rates
If you’re searching for a new life insurance policy, you have probably come across the Corebridge Financial company.
In this insider’s review of Corebridge Financial we offer a brief overview of the company's history, insights into their financial stability, and sample monthly rates for the term life insurance policies they sell.
Here’s what we'll cover in this post:Quick Article Guide
Exploring the Company History of Corebridge Financial
Corebridge Financial is a publicly traded life insurance provider with the stock symbol "CRBD" on the New York Stock Exchange. The company was established in Houston, Texas in 1998. Prior to their launch, Corebridge operated as a holding company under the ownership of AIG subsidiary, American General (NYSE: AIG).
In 2022, the company underwent an initial public offering, or IPO. This restructuring resulted in the separation of Corebridge Financial from AIG and also enabled the split of its life insurance division from the insurer's property and casuality unit. AIG, established in 1918, continues to operate in over 80 countries and employs more than 26,000 people.
American General or AIG offers an array of retirement solutions and insurance products including travel insurance for individuals, crop insurance for farmers, and specialized risk insurance for large corporations. To learn more about AIG, see this article, “American General Life Insurance Review - An Insider's Guide."
Is Corebridge Financial Owned By AIG?
Corebridge Financial remains primarily under the ownership of AIG, with AIG controlling 64% of the company. The private equity firm, Blackstone, is the second largest individual owner, holding about 10% of the provider’s shares. Approximately 15% of Corebridge’s shares are publicly owned.
Kevin Hogan continues to lead Corebridge as its CEO. He previously served as the CEO of AIG’s life insurance division before its rebranding in 2022. Hogan has been with the company since 1984, with the exception of a five year hiatus from 2008 to 2013 when AIG faced financial challenges.
Why Did AIG Spin Off Corebridge?
AIG has stated that the separation was needed to streamline its life insurance division, but there may be additional underlying motivations for the rebranding. The company’s reputation for poor customer service and its association with the federal government bailout in 2008 could have also played a role in the decision.
After being deemed “too large to fail” and receiving nearly $182 billion, the insurer managed to repay its debt within just five years. Throughout this period, the U.S government earned more than $22.7 billion in interest from the loan, and AIG regained its financial footing, avoiding bankruptcy.
Despite this chain of events, AIG remains infamous to some because it needed a government bailout during the 2007-2008 financial crisis. Many consumers still have concerns about the company's long term stability and have expressed concerns about its ability to pay claims.
How Stable Is Corebridge Financial?
Corebridge Financial has not been reviewed by AM Best, but their parent company, AIG, has an A (Excellent) rating for financial stabilty, which is the second-highest rating available. AM Best became the world’s first credit ranking agency in 1899, and they specialize in assessing life insurance providers.
Moody’s, Fitch, and Standard & Poor's have each issued independent credit ratings for Corebridge Financial. Moody’s awarded the company with an investment rating of A2 (upper-medium grade), which is their third-highest rating. Additionally, both Fitch and S & P have assigned an A+ (Strong) rating to the company’s life insurance subsidiaries.
While these may not be the highest credit ratings possible, they indicate that the insurer has a stable financial foundation and the capital needed to meet its current obligations. Life insurance companies also provide reassurance to one another to limit their individual liabilities. Additionally, each state has a guaranty association and fund to ensure you don’t lose your coverage if your insurer becomes insolvent.
Which Types of Life Insurance Policies Does Corebridge Sell?
Corebridge Financial provides both term and permanent life insurance options. Their term life policies are available to qualified applicants aged 20 to 80 and are annually renewable until the age of 95. They can also be converted into a permanent policy within the first 10 years or within 8 years if the policy is a 10-year term.
Corebridge's term policies include an accelerated death benefit that allows the insured to access a portion of their policy's death benefit if they become terminally ill. Additional riders can be purchased to extend coverage to children, pay your premiums if you become disabled, or provide additional coverage if you pass away in an accident.
In regards to permanent life insurance, Corebridge offers traditional universal life, guaranteed universal life, whole life, and variable life insurance. The company is especially well-known for its guaranteed universal life insurance policy, GUL3, which offers guaranteed lifetime coverage while building a modest cash value.
How Does Corebridge’s Pricing Compare with Other Providers?
The Corebridge Financial company offers extremely competitive term life insurance rates, for healthy clients under the age of 70. They also have a few niches where they are more lenient than their competitors. In the table below, we’ve compared some sample rates by age and gender from Corebridge, State Farm, and Pacific Life.
Sample Term Life Insurance for A Male In Excellent Health - $500,000, 20-Year Term
| Current Age | Corebridge | State Farm | Pac Life |
| 35 | $20.07 | $30.44 | $20.24 |
| 40 | $28.30 | $40.04 | $28.42 |
| 45 | $45.17 | $56.99 | $45.45 |
| 50 | $69.46 | $90.94 | $69.87 |
| 55 | $112.63 | $147.04 | $113.24 |
| 60 | $199.56 | $259.24 | $200.73 |
| 65 | $377.94 | $461.54 | $382.44 |
*Monthly rates are valid as of 11/08/2023 and are provided for illustrative purposes only.
Sample Term Life Insurance for A Female In Excellent Health - $500,000, 20-Year Term
| Current Age | Corebridge | State Farm | Pac Life |
| 35 | $17.14 | $24.34 | $17.26 |
| 40 | $24.08 | $33.49 | $24.00 |
| 45 | $35.75 | $46.99 | $35.98 |
| 50 | $54.92 | $67.44 | $54.81 |
| 55 | $82.26 | $98.29 | $83.24 |
| 60 | $140.52 | $173.99 | $141.34 |
| 65 | $259.78 | $311.04 | $257.38 |
*Monthly rates are valid as of 11/08/2023 and are provided for illustrative purposes only.
In addition to being a great option for young and healthy clients, the company is also lenient with their height and weight guidelines. For example, an otherwise healthy applicant with a BMI up to 31.5 can qualify for their preferred rate class. With even the most lenient providers, the cut-off is 31 or lower. Corebridge is also one of the only providers that offers a 35-year term.
While Corebridge offers aggressive pricing to healthy applicants, and are known for their leniency with height and weight, it’s vital to note that every life insurance provider sets their own rates and approval guidelines. This is why you should work with an independent life insurance agent that represents a few dozen insurers.
When Corebridge May Not Be the Best Choice for Life Insurance
There are certain situations where Corebridge may not best the best choice for life insurance. These include individuals seeking life insurance without a medical exam. While many top-rated life insurance providers offer accelerated underwriting for healthy clients under age 50, Corebridge currently does not provide this option.
Additionally, Corebridge is not a viable option for those needing coverage that exceeds 25 times their annual income. Life insurance providers use income multipliers to calculate an applicant’s maximum death benefit, with most capping it at 30 to 35 times your gross income. This is especially advantageous for younger applicants who anticipate their earnings will grow overtime.
Life Insurance Income Multipliers for A 40-Year-Old
| Insurance Company | Income Multiplier |
| Corebridge | Up to 25x |
| Mutual of Omaha | Up to 30x |
| Pacific Life | Up to 30x |
| Protective Life | Up to 30x |
| Prudential | Up to 35x |
Corebridge also maintains strict standards for driving records. Some life insurance providers completely overlook your driving history, while others are primarily concerned with DUIs. In contrast, Corebridge imposes a flat extra charge of $2.50 per $1,000 of coverage for applicants with more than three traffic tickets within the last 36 months.
To demonstrate the effect on premium costs, let’s take the case of a healthy 50-year-old male with four traffic tickets, seeking $500,000 in coverage. Opting for a 20-year term policy with Corebridge would result in a monthly cost of approximately $174, while a select few providers will offer the same coverage for about $70 a month.
There are too many scenarios to list, but even the most lenient life insurance companies can be strict with certain health and lifestyle concerns. This is why we recommend working with an independent agent that can shop the market to match you with the best provider for your age, health profile, and coverage needs.
How We Can Help
JRC Insurance Group is an independent life insurance agency that represents 63-top rated providers, including Corebridge Financial. By having access to each company's unique underwriting guidelines, we can determine your best option by asking you a few questions about your health, lifestyle, and coverage needs.
Our experts offer at least a decade of life insurance experience and our comparative shopping services are completely free. Call us today to speak with one of our licensed agents, or you can select your state from the map below to instantly compare term life insurance rates from Corebridge Financial and dozens of other top-rated insurers.
Clifford Pendell
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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