About AIG Annuities
This profile has not been claimed by the company. See reviews below to learn more or submit your own review.
AIG offers high-end home insurance policies to cover luxury homes. The company specializes in serving those with a high net worth, including several individuals on the Fortune 400 list. It’s a large company with various assets and resources, but its policies are fairly expensive for the average homeowner.
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My husband was attempting to withdrawal a small amount of his annuity. 3 years ago he took a small portion and was helped over the phone to get the Plan Admin (his former employer) to sign off to allow him to use his funds (over 65 and normal retirement). This time our paperwork has been rejected 3 times and we are given zero info as to why!! The plan admin even sent a Statement stating they knew us both and for AIG/Valic to call them if they needed more info. Nope, just rejected the paperwork again! Something's up!!! We are going to remove all monies from this company now as we are very suspicious of what is happening.
This company is the epitome of ineptness. As the executor of my aunt's estate, I have worked with several retirement and investment companies. Valic is the only one that has continuously thrown up roadblocks when I have attempted to disperse funds to the beneficiaries. The group was told disbursement checks were mailed ten days ago. When checking on status today, one person was told the check was in the mail, the second was told they had found paperwork requesting EFT (after having said the check was in the mail), and one was told the claim was under review (after being told the check was in the mail). With as many times people have been told the check is in the mail, Valic is behaving like a person with a 300 credit rating. "The check is in the mail". Stay away from the group and their advisors.
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I have been attempting to transfer my daughter's UTMA to her since she is now of age. This is a simple transfer of ownership. I called to ask for guidance and was told I needed to get a signature guarantee. I did this and was followed the directions I was given. The paperwork was rejected in part because I did not need a signature guarantee. My daughter and I sat down together on the phone with a customer representative and he went over with us line by line what we needed to do. We filled the paperwork out exactly as instructed. I specifically asked if there was anything additional that was needed. I was told there was not. It was sent in and again returned. The paperwork was incomplete. This has become a nightmare. My daughter and I live in two different states. It is during a pandemic and is supremely inconvenient. They have no idea what they are doing. If I could give a zero rating I would.
AIG was a good choice for our family. They offered options that made planning for our future realistic. We had the plans through our employer which had positives and negatives. The funds were withdrawn, pretaxed which was a tremendous positive. The downside was that when I left my employer the plan wouldn’t transfer with me. I had to withdraw it all which result in a substantial tax hit.
Beware! This company deserves less than zero stars. As young teachers, my husband and I trusted Valic to invest our money and increase our savings with the hope for a secure financial retirement. Over the years, we watched our investments with our other financial companies grow substantially, while our money with Valic grew relatively little. Now that we are retired and have started to make withdrawals, we've actually lost money. Not only do they make it extremely difficult to use our own money, the taxes and fees they charge end up making AIG/Valic the only ones making money on our investments.
Requested a rollover form from them multiple times over several weeks. Still no form after numerous requests, multiple times confirming address, confirming they sent the form, etc. Customer service representatives are either liars or incompetent. Not a good sign if you want these people to look after your investments (hence the request to roll my money out). Terrible people and terrible firm. Now I have to resort to putting request in writing (for a simple form), documenting people I spoke with on phone, creating a paper trail (all for a simple form). You've been warned!
I have been trying to cash out a small retirement account from a former employer, now that I am a senior. I called to find out how to do it, had multiple transfers and holds as no one knew, then finally got some instructions on what to do. I followed the instructions, only to then be notified a week later in a generic phone message that something new was needed. I called back the number given, (calls default to a call pool, not the individual who contacted me before) and no one knew what was going on. I had to tell my story multiple times with holds and transfers and attempts to get me to give up. I was then given a new plan to follow by a supervisor. I complied. Now I have been notified by a supervisor that yet another, different step is required, not mentioned in the prior 9 person contacts I had had. All my other efforts were a waste of time.
So far I have spent at least six hours dealing with these ladies and have no confidence jumping through yet another hoop will be successful. Reps are poorly trained, not well-informed, and hide behind generic group phone numbers. They do not give you their individual contacts or emails, so you always get someone different and have to start over.
I had been considering buying a large retirement annuity from this company, and am glad that I have learned about their miserable customer service before doing this. I will also stop buying travel insurance through them as I will likely receive similar runarounds if I ever attempt to use it. Perhaps they are fine servicing big companies and big centers, but their poor service shows they do not value mere individuals' time and peace of mind. They give insurance companies a bad name.
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.
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%).
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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