Should I keep my AIG life insurance policy?
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5 Responses
2.1.2010
Best Answer – Chosen by Voters IF you are concerned because AIG has been mentioned in the news a lot lately, you have nothing to be concerned about.AIG's holding company is is trouble financially. The AIG Life insurance division is still doing very well and has no problems. Unfortunately, every is assuming it's the insurance division that's in trouble becuase it shares the same name.Think of it like a record label. If the record label goes bankrupt, that doesn't mean all the bands within that record label will go bankrupt and fall apart. The band will just resign with another record label of something.Same goes for AIG Life. If AIG Holdings gets into serious trouble, AIG Life will get sold to another company and your policy will still be inforce.Your policy is not at risk by keeping it with them.I find it interesting that the others are telling you to cancel it without even knowing the reasons why or what type of Life Insurance you even have! And if it was Whole Life, why is that an automatic cancel answer? That is terrible advice! The benefits of Whole Life have been well documented and depending on the need, it might be a the only option that suits your personal situation.Your need for the insurance should be the deciding factor in whether you keep it first and foremost. Once you decide whether you need it or not then maybe shop it around, but make sure you are getting your advice from someone that fully understands your situation and can offer you multiple options and help show you which is most beneficial to you.PS: There is no reason to not trust banks either (And for the record, AIG is not a bank!)…FDIC insurance protects the money you have in a bank account.Please add more details if my answer didn't cover the info you're looking for and I'll take another stab at it. Source(s): Financial Advisor with access to more than 30 financial companies including AIG Life.
2.1.2010
Check out the news stories listed below and decide for yourself if you want to keep putting money in a company that decides to spend their welfare money from the Gov. (us) on a posh retreat for the execs.Remember: it's your tax dollar going to bail them out for wasting your premium in the first place.In my opinion: Our Government should withhold every red cent until the executives cough up 3/4 of their salaries for the last five years. They did not earn it, they stole it from their customers. Source(s): http://news.yahoo.com/s/ap/20081008/ap_o…http://www.usatoday.com/money/industries…http://news.yahoo.com/s/afp/20081008/bs_…
2.1.2010
I was going to type a long answer but saw Chris's below — it's very thorough.However, there are companies out there that have better financial strength and lower premiums, so it might make sense to talk to your financial planner to find one as a possible replacement.
2.1.2010
I personally would not. Is it whole life insurance? There are sooooo many other companies.
2.1.2010
Im no financial adviser but I dont think you can trust any bank RIGHT NOW. Thats my opinion.