Life Insurance: what happens if a company goes bankrupt?
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4 Responses
2.1.2010
Best Answer – Chosen by Voters In all 50 states there are pools of money set up by the different insurance companies for just this eventuality. For example, in the State of Ohio life insurance/annuity policyholder is covered up to $100,000. I cannot speak for the other states, but I'm sure the coverage is equal or better. However, in every case I've ever seen a bankrupt life insurance company has been taken over by another company who then honors the contracts.
2.1.2010
Sorry, but GEM is completely wrong.AIG is in trouble for their home loans and not the insurance.If AIG did go bankrupt in their insurance department the government would step in and take it over and find a buyer.Nothing would happen to your insurance. Insurance companies also have insurance with the government that protects your insurance policies.
2.1.2010
Well, AIG is now government owned, so it is ok for now.What happens is your insurance is no longer any good and you would have to go and buy new insurance somewhere else.This is why the AM Best rating given to insurance companies is so important when it comes to life & health insurance.
2.1.2010
It didn't and nothing. Another company would buy the business and it would continue on. It's a revenue stream and it has a price tag.