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I'm 63 years old, lost my job 2 years ago and can't seem to get rehired anywhere. I had moved my 401k to AIG on the advice of an investment advisor. When I needed my money to survive it cost me. They made money on my money but still to withdraw $4000 the charge was $200 or more. To surrender my variable annuity with only $1600 left AIG charged me $1300. So the last check of my savings was a measly $400.
My experience dealing with AIG in general was also disappointing. To withdraw my money the require a 5 page withdraw form faxed. I started out faxing from my phone using an app. Then I went to the library and used the scan fax machine. I would estimate a quarter of the time AIG Would either not receive a page or disputed my signature. The top of page 1 has my email address and phone number. They never used either. They said they had called my agent. I had them put a note in my file to contact me but still I NEVER got a call or email. When my check didnt arrive I had to call to find out why. It felt like they were finding a way to keep my money as long as they could. I'm pretty sure that is illegal. My advice is to keep your money in a 401k where I could have taken a loan on my money and paid myself back with interest. No crazy charges.
I forgot my password and was unable to use reset password as kept getting call for help message. When I called I had all the paperwork in front of me. She was asking me questions, apparently for verification about what type of annuity do I have. I didn’t have the vaguest idea what she was talking about and she refused to clarify. I am 72 years old but completely sound of mind and quite computer literate, rep was rude and unhelpful. Your customer service is the face of your company. If I would have been setting up a new contract, this would have made me go to a different company. As it is I just told her not to bother, I will go thru my financial advisor and pass this information about the company's customer service along when asked recommendations for financial companies.
I am very unhappy with my American General Annuities. You only get statements once a year which is very inconvenient. You don't know whether your choices are making money or not. We have a 17 year term (which was stupid on my part) but I cannot change that. If I could I would take it out right now and put into another investment vehicle. I'm sure AG is making a lot of money on my money but cannot give any real returns to me. I had hopes for a meager 300-400 return monthly but that has not happened. Why? Because they are greedy and have arranged it that my money only makes money for them. I hate it!! They are definitely taking advantage of the consumer and I don't like it one bit!
I was roped into an annuity through my bank in 2002 and have suspected that AIG would be scam when it was time to withdraw any money. There was no problem with contacting the company and adding money, but watch out when you or a relative tries to withdraw these funds. First you will be unable to contact anyone by email because you get an error message. When you contact AIG some foreign person tries to persuade you that there will be a tax disadvantage. This person will tell you to fill out a form available online, however when you attempt to print or open the form you will get an error message.
I did research several other annuity companies after I completed a form for withdrawal. The other companies forms are easy to understand and complete. The AIG form is very confusing and offers very little explanation as to its completion. I sent the form to Texas from Michigan 5 business days ago, and my account is still the same balance. I will wait another week to then try and contact "my agent".
When I purchased an annuity from AIG, I expected 3 things: (1) Timely payments (2) Payments in the correct amount (3) Fast and easy resolution to problems with either #1 or #2. AIG gets an "F" on all three criteria. For two years in a row, they have been late making the planned payment (I'm still waiting for payment for year 2018). When they finally paid me in 2017, they only paid a third of what they were supposed to pay me! Getting resolution to problems from their customer non-service group is extremely difficult. Both their CSR and a Supervisor told me, "That problem is caused by another group. We're Customer Service. There's nothing we can do about it."
Me-- "Fine, let me talk to someone in that group." AIG -- "You can't, you can only talk to us because we're the only ones with recorded lines." So customer service can't fix a problem with any other group, but you're only allowed to talk to the people that can't fix the problem. I had to write to the President of AIG to get corrective action. But, despite promises to take preventative action that would prevent the problems from recurring, I've had many more problems again this year (2018). And don't rely on any information they tell you. Much of what they told me other people in AIG contradicted later. If I didn't demand responses in writing they would still be denying they told me I would be paid on time.
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We purchased what we thought was term life; after over 10 yrs of trying to surrender it for the cash value we found out it was an annuities plan. AIG told us they were working on resolving our complaint. It's been over a month now and we haven't heard from them. When we requested to speak with our agent we were told that the office in question was closed and the agent transferred but they didn't know where. A billion dollar company and they don't have the resources to know the location of their agents.
My agent knew a lot about annuities and was pleasant and personable. I’m happy with the customer service but I don’t feel like I got the best investment through AIG. Also the withdrawal penalties are pretty stiff. The payout options are diverse and profitable and I was happy with that aspect of AIG’s annuities, and I’m sure I will be pleased when I cash in. I’m happiest with the funding options they offered and it was the deciding factor in purchasing from them as opposed to a competitor.
I had AIG through my employer and I received quarterly company matches at 10%. When I needed money for emergencies I could count on this annuity to be available which was very helpful. But I wish I had done a larger amount so I suggest if you can afford to do the highest percentage you can manage. It only took about a week for me to withdrawal funds from my annuity through AIG. The process is easy to understand and you get your money quickly. Payment options was a paper check for me however there were other options like a direct deposit to your bank. I wish I had decided on the direct deposit because you receive your money faster.
AIG Annuities has the best funding privileges around. Great customer service that makes sure your money pays you over time. Service of excellence that commands respect. Service above the annuity bar. They are fast, reliable, over the top, trusted and honest with care and respect. There's money when needed. Every option available for a successful annuity. No fooling around withdrawals. Agents stop your dumb mistakes too.
I would like to know why I see an article "BlackRock mismanaged employee's retirement funds", when I was one of the many that lost 3/4's of my retirement through 'AIG's' fraud and deception back in 2005. I wrote to the Securities Exchange early in that year as my money was going away rapidly. They said all was on the up-and-up with AIG. But that was a lie, as AIG was not on the up and up. I was introduced to AIG via Washington Mutual Bank as I had been laid off from my job and needed to roll my 401K (retirement) plan into another to avoid penalties by the Government. I had 7 Account Managers through Washington Mutual while these people stole my retirement monies! The Government and the Powers that were received monies from fines given to AIG for committing the fraud on we people. THE PEOPLE (at least I) never saw any recovery monies from AIG.
I worked hard all those years raising my children on my own, trying to save everything I could for my retirement and for my children. This is how fair this is. It's the Government and Lawyers that got the money through fines while we now have to depend on low income Senior residences and living from day to day! Why weren't we reimbursed for the loses we incurred because of AIG's illegal activities. I'd like to know. Now I see a headline like 'BlackRock's'... All I can do is shake my head at a 'Class Action LawSuit?' Those people won't get anything to compensate them in a rightful manner. Something must be done to correct what should be made right.
AIG expert review by Jim Blankenship
AIG is one of the largest insurers in the world and has more than 88 million customers in 130 countries worldwide. Founded in 1919, AIG now has more than 63,000 employees.
Anytime access to performance: Using the website, consumers have access to current variable annuity performance data at any time.
Retirement planning advice: The Retirement Planning portal of the AIG website offers step-by-step advice on planning for retirement, as well as advice on how annuities fit into a retirement plan.
Market news: For consumers who are interested in following the markets, AIG offers snapshot data of the major indexes and other financial health gauges.
The power of two: AIG annuities are issued by American General Life Insurance Company and The United States Life Insurance Company in the City of New York.
Social Security guidance: AIG offers guidance to consumers who are trying to understand the implications of differing options for receiving social security benefits.
Best for: Savers plus income generators, retirees and Social Security recipients.
AIG Annuities Company Information
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