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I am the executor for an estate. The decedent had IRA accounts at AIG invested in an annuity. I have contacted AIG multiple times about how these will be transferred. The customer service lady is extraordinarily ill informed about the laws and options available for these accounts. She is also short tempered. The information that AIG sent me is contradictory. I am in the middle of trying to sort this out now, so AIG still can shine with this but it seems very doubtful at this point. At the very least, they should have better trained people answering their phones. I will post a followup here once this situation is settled. I have had dealings with other insurance companies and other annuities and they were nothing like this.
My broker recommended a variable annuity through AIG. I requested through my broker and in a conversation with an AIG rep that my fund be transferred to an all cash account. I was very specific that I desired no risk whatsoever. I was never advised that there was not a cash account option. The funds were traded to a "fund" that is variable and classified as cash. The life portion of the annuity was transferred to an account with exposure to the markets and risk. There was no disclosure of this portion of the account or that it was required. I would have transferred the entire balance out had I known there was no cash only option.
Subsequently, Due to an employer requirement, I was required to move the fund out of the brokerage. I was not advised that I would need some type of advisor by either the broker or AIg service team that I would not have an assigned broker through AIg and to trade on or liquidate the account or get advice, I would have to find an outside advisor authorized to work with AIG. No disclosures - do not waste your time on this poor service, nontransparent firm.
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Book your Travel/Flight Insurance with AIG is just like playing Roulette in a casino. If something happens and you are not able to fly or for some reason you must change your booking, your claim won't be approved (99.9%).
We put our money in the fixed-rate Annuity at AIG through our bank financial adviser. After one year, we decided to withdraw a partial interest from the account. So I followed their instruction to fill out the withdraw forms (withdraw form & direct deposit request form) & sent them out by the priority mail. After a week, I didn't see any deposit information at our bank, I made a call to AIG. It turned out that they sent a check instead of direct deposit. It amazed me that my instruction was quite simple (direct deposit request with a void check enclosed as their instruction). Yet, they processed the opposite.
I waited for more than a week & found out that there was a deduction the same withdrawing amount on our account without receiving the check. So I made 2nd call to AIG & requested to cancel the check that they sent out & make a direct deposit as I requested. The customer service agent couldn't do that so I asked a supervisor. Finally, they agreed to cancel the check & make the direct deposit. But we lost the opportunity & I have to wait for weeks or so to resolve the issue. It was as simple as that, I'm not sure whether I can trust their service & with our money.
This has poorly trained customer service agents, giving conflicting rules and guidelines they must follow. Because of their inability to assist me or accurately answer questions, I removed my money...2 substantial checks were sent by bulk mail, just prior to Christmas...ABSOLUTELY THE PITS TO WORK WITH THIS COMPANY!
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.
AIG author 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.
AIG Annuities Company Information
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- (800) 445-7862