AIG Annuities

AIG Annuities

 3.9/5 (111 reviews)

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Overall Rating3.9 out of 5
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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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Page 1 Reviews 0 - 10
Verified Reviewer
Original review: March 25, 2023

AIG annuity claims needs to be investigated. Customer service awful. Long hold times. incompetent representatives. My mother died. I am the sole beneficiary to my mom's life insurance annuity. Delay. They lost my initial claims form. They wanted additional documents. The funds are needed to pay death expenses. Avoid this company.

2 people found this review helpful
Verified Reviewer
Original review: Oct. 27, 2022

AIG has terrible customer service, and I would advise against doing annuity business with them. I recently made a call to the Annuity Service center on Friday 3:00 pm and they were having their end of shift party. It was that intense with shouting and yelling in the background that it was just about impossible to hear the agent. They were not willing to make a minor adjustment and had no problem-solving skills. YOU ARE ON YOUR OWN AND GET WHATEVER.

4 people found this review helpful

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    Verified Reviewer
    Original review: Sept. 21, 2022

    I have an annuity with AIG. AIG and myself have a 10-year agreement for AIG to pay me a monthly payment every month between the 4th and 6th of every month. This month, September 2022, they did not make the payment. It is now 9/21/2022 and I still have not received my monthly payment. When I called the customer service number and was on hold with five different people and two hours later, I was told that AIG had a technical issue with their payments and that was the reason they were late. That is unacceptable!!!! A company of this nature should NOT be late on their monthly annuity payments. If I was late on a payment, I would be charged a late fee and penalty. STAY AWAY! Terrible customer service, terrible company!

    4 people found this review helpful
    Verified Reviewer
    Original review: Sept. 16, 2022

    I work for The University of Texas (UT) as a new employee. I am wanting to open a voluntary retirement account so I called AIG Retirement as they are one of the authorized providers. I called the phone number listed on the UT HR Department Website. I was on hold for 18 minutes after I talked to someone who transferred me to Enrollment Department. Then a female CR told me she cannot answer my question because I don't have an account with them!! Whoa.... What an unpleasant experience dealing with AIG Retirement!

    3 people found this review helpful
    Verified Reviewer
    Original review: Aug. 22, 2022

    I've had a retirement account since 2004 with AIG/Valic. I even rolled it over when I retired from one job to another that also had AIG/Valic for Deferred Comp accounts. In the last year the most recent employer decided to change companies to Empower. Now I understand why. I've been trying for over 2 weeks to have MY money dispersed and direct deposited into my bank account. I've talked to customer service reps, their manager and their manager's manager. One even gave her email to contact her directly. I emailed her twice with "NO" response. Each person I've talked to has given a different time frame of when the transaction will be completed. When I ask to speak with someone in the department that disperses funds they're unreachable and not excepting calls.. Absolutely ridiculous..

    Even after I explained I was waiting on the funds to complete a mortgage closing...NO HELP!!!! I can't imagine if someone actually needs their money once they retire to pay bills and survive. I was told on a Friday it would be by end of business on the following Monday since they don't work weekends. So I call on Monday and was told it should by close of business today and if not today then tomorrow. I called later on Monday and was told by someone different that it would now "probably" be Wednesday. So in a matter of a few hours the information has changed again. After this experience I would never do business with this company again or recommend them to anyone. At this point I'm just hoping to get my money without having to take legal action.

    10 people found this review helpful
    Verified Reviewer
    Original review: July 2, 2022

    My mother died two years ago. I have had to engage a trust lawyer for two years now to get AIG to disperse the funds from her annuity as per her instructions in her trust. They continue to stall and offer excuses for why they can't or won't do so. I hate to litigate, but after two years with legal counsel involved, it appears I may have no choice. I couldn't warn anyone stronger; From my experience, I would avoid doing business with this company. They have been awful!

    9 people found this review helpful
    Verified Reviewer
    Original review: June 10, 2022

    I had a retirement account at TIAA CREF that was transferred to AIG (Valic) when Valencia College changed retirement plans. Last year at the age of 65 I contacted AIG to have my account surrendered and funds disbursed. The 3 reps I spoke with, Alexie, Naomi, and Jackie, over the course of 3 months did nothing but deliberately provide false information, place obstacles, and demand I comply with ridiculous request they made before they would release my funds. I was told that my birth date, SS number, and address was incorrect according to their records. They demanded I submit notarized documents to prove my identity and then demanded additional notarized documentation after I complied with their demands.

    They then asked me when my employment ended at Valencia. I told them I wasn't sure but provided my best guess which they told me was incorrect and that they WOULD NOT DISBURSE MY FUNDS! I tried to contact Valencia to obtain information on my retirement account records at that time but due to the pandemic I wasn't able to. 14 months later, June 2022, I finally was able to speak with the right person at Valencia that provided me with the information I was trying to obtain. That person ALSO VERIFIED THAT AIG (VALIC) WAS PROVIDED WITH THE CORRECT INFORMATION FOR MY ACCOUNT AND IDENTITY ALL ALONG! They were able to access the information on AIG's system related to my account and AGAIN VERIFIED AIG HAD THE CORRECT INFORMATION FOR MY ACCOUNT AND IDENTITY THE ENTIRE TIME!

    I am now waiting to receive the forms necessary to surrender my account and receive my disbursement. During my entire life, I have NEVER received such horrendous, abysmal, unethical, and borderline criminal customer service than I received by AIG customer service. The planet will be a much better place when AIG Valic is no longer in business! I strongly recommend avoiding AIG at all costs for any and all products. Should you ignore my recommendation I am confident that you will eventually seriously regret the warnings I provided in this review.

    18 people found this review helpful
    Verified Reviewer
    Original review: May 27, 2022

    We used this company to insure two passengers, the flight was delayed and the trip ultimately didn’t happen. We submitted a claim through the insurance and they never got back to us, just recently we received a check for $250.00 but we don’t know how our claim adjuster, Chang **, got to that number. We have called and were told that our adjuster would contact us by email, it has been weeks and she hasn’t gotten to us. The insurance should have covered a greater amount based on our personal circumstance and we know it, but they have just left us without information or aid. I wouldn’t waste my money with this insurance plan and would prefer to just pay more for a ticket through an airline and be assured that something will be done than try to save money and still be trying to recover it over two months later! Would give 0 stars if I could.

    7 people found this review helpful
    Verified Reviewer
    Original review: April 12, 2022

    I am my father's Power of Attorney and set up a small annuity with them for him. My father is deaf and has told them on the phone that I am his power of attorney and to please deal with me. They then made me get the power of attorney notarized and mail it to them so I did. They then locked his account so I could not get online access to it. When you try to call them, you sit on hold forever and they keep saying, "Please use our online service" which they locked. I actually think they are a scam company.

    14 people found this review helpful
    Verified Reviewer
    Original review: Oct. 16, 2021

    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.

    16 people found this review helpful
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    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.

    by Jim Blankenship Investments and Retirement Planning Advisor

    Jim Blankenship is a Certified Financial Planner with over 30 years of experience in the financial services industry. He is the founder and principal of Blankenship Financial Planning, Ltd., has earned the Enrolled Agent designation and is a NAPFA-registered financial advisor. Prior to establishing his independent firm, Jim operated a successful tax preparation service and managed information technology operations for a major financial services corporation. Jim is the author of three books and a contributor to the blog, Getting Your Financial Ducks in a Row.

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