Should we keep life insurance policy with AIG?
Should we keep life insurance policy with AIG?
My husband's life insurance policy is through AIG. I heard on the news recently that people are having lots of trouble with AIG, not to mention the countless selfish things they've been caught doing! Is it safe to stay with this company, or should we cash out and move on to someone else? The policy does not term, so we'll be paying it for the rest of my husband's life. Please help!
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5 Responses
2.1.2010
Most of the problems are with AIG's finance division. Their life insurance companies like AIG Life, American General, US Life, etc. are all well capitalized and in good shape. In the end those companies will probably be split off from the cancerous parts of the corporation either through reorganization or sale. If it were me and I still felt like this was the best product for me, then I would keep it. If you are uncomfortable and want to move on I would not just surrender. Make sure you talk to someone that understands the tax ramifications because if you've got cash value in this thing there could be surrender charges and tax penalties that you could avoid with some smart planning as you transition to a company you feel more comfortable with. Source(s): 10 years as an actuary in the life insurance industry.My blog: http://gardenstatelifeinsurance.blogspot…
2.1.2010
This is a question that has a lot of variables undisclosed to us. The biggest factor in making a decision on this should be how long the policy has been in force for. If this is a brand new policy, you can likely get the same price with another company that has not been in the news for bad decision making. If the policy was started a long time ago, it might be difficult to find a price even close to what you have now.Depending on your needs, this also may be the wrong type of policy for you. There are plenty of policies on the market today that have a limited pay duration, like a term, but never expire and some of those policies even accumulate cash value as well. These policies would eliminate the need for you to pay for the policy long after retirement in order to keep it in force. Source(s): I am an insurance specialist fully licensed and certified in Illinois, Indiana and Wisconsin.
2.1.2010
I also have a policy with AIG… though it is a term policy.. if fact, I called the company itself and asked if my policy would be safe… they assured me that they are going to succeed… I feel confident that they will… also, personally I feel that there was no wrong doing on their part with the bonuses- after all, it was written into their contract…they only expected what they were promised– and many returned the bonuses when asked to do so… I don't think you should end your policy… we have to rebuild our country by showing our support… however, I would check on having the policy changed to fit my goal …God Bless,Ms S
2.1.2010
You should keep your policy with AIG. It is usually a bad idea to swich your life insurance policy to another company under any circumstances. But, now Farmers may be buying the insurance portion of AIG. So, just hold on. Nothing will change even if they are sold.
2.1.2010
The Life Insurance Division of AIG is OK. Do Not cancel the policy. Source(s): Retired agent