AIG Life Insurance question - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 09-17-2008, 09:00 AM Thread Starter
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AIG Life Insurance question

As we know AIG got bailed out by the federal reserve. I need suggestion on my life insurance I bought years ago with AIG, should I withdaw and transfer?
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post #2 of 7 (permalink) Old 09-17-2008, 09:02 AM
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Originally Posted by RayN View Post
As we know AIG got bailed out by the federal reserve. I need suggestion on my life insurance I bought years ago with AIG, should I withdaw and transfer?
To see if they are still responsive as a company, you could always shoot your broker/agent and see if they pay out to their family.

(Joke disclaimer: I don't really advocate waiting around to see how they act afterward).

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post #3 of 7 (permalink) Old 09-17-2008, 09:22 AM
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this was on the news yesterday, and the insurance portion of the compant is seperate in funds from the bank portion that got bailed out. now... if AIG declared bankruptcy the policy would still be in existance and honored but it might be sold/ transfered to another company.

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post #4 of 7 (permalink) Old 09-17-2008, 09:26 AM
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post #5 of 7 (permalink) Old 09-17-2008, 09:32 AM
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damn federal bailouts. i thought we were not socialists?

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post #6 of 7 (permalink) Old 09-17-2008, 09:44 AM
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well the worst part is now the federal government now owns 80% of AIG. This country is slowly starting to turn into the united states of Russia even more my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike" i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #7 of 7 (permalink) Old 09-17-2008, 10:13 AM
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AIG is one of our companies so I've been having this conversation alot over the last few days. Fortunately, they are not a "Platinum" level carrier, but in the top dozen. Without going too far, I've never bee too wild about them. My West coast partners sold more of them. It depends on the type of policy and your level of concern. In the short run you should be fine, but even after $85B if everyone gets it in their head that they want the cash out of their policies bad things can happen. In the long run, the hit to their reputation and the additional debt load may hurt the performance of your policy. Recently, they have been stressing term insurance. Since there is no equity in those products they should be stable. If you have term, it might be worth looking at just to see if there are better options. You don't want to be in a position where you need to convert to an AIG permanent product if you have a change in health. If you have UL with cash accumulation or a deferred annuity it is clearly worth looking at.

Odds are that at some point the life and annuity companies will be bought by another company. It may be a good fit for Manulife / John Hancock. I know they are still looking to expand operations in the US. I wouldn't rule out Aviva or ING either.

Anyway, if you want detailed help you should call your agent. If you want someone that isn't "vested" in your AIG policy shoot me a PM with your #.


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