Will I lose my life insurance with AIG?
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4 Responses
2.1.2010
Insurance companies are required by law to keep a reserve to cover future liabilities (which is what your life insurance policy is). If AIG were to declare bankruptcy, it would erase the liabilities AIG has, but not the liabilities of the outstanding policies. even in a liquidation, the outstanding life insurance policies would most likely be sold to another insurance company, as the revenue stream they represent is an asset. You have very little to worry about with your policy.
2.1.2010
Your life insurance is safe as long as it is a guaranteed policy (term insurance or universal life with a no lapse guarantee). If AIG stays in business and restructures and keeps American General, their life subsidiary, nothing can change. If they choose to sell off American General, their block of business will be sold to another company and by law all of the guarantees, price, death benefit, term length, etc have to remain intact.I know it may not feel that way, but you are on solid ground. Source(s): http://hinermangroup.com/blog/2008/09/15/could-the-financial-news-get-much-worse/
2.1.2010
The AIG life insurance, general insurance (including commercial) and retirement services are subsidiaries of the parent company, are adequately capitalized, regulated, and are not affected by the short-term liquidity problems we are hearing about. Source(s): Independent Agent
2.1.2010
It's possible. But not certain.We just have to wait and see what happens right now. :-/