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AIG Annuities

AIG Annuities
Overall Satisfaction Rating 2.96/5
  • 5 stars
    16
  • 4 stars
    15
  • 3 stars
    15
  • 2 stars
    4
  • 1 stars
    23
Based on 73 ratings

This company is not yet accredited. 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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    AIG Annuities Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 24, 2020

    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.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 9, 2020

    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!

    4 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 10, 2020

      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.

      6 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: May 15, 2020

      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.

      14 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 3, 2020

      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.

      8 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Jan. 16, 2020

      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%).

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 31, 2019

      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.

      12 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Dec. 19, 2019

      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!

      15 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 15, 2019

      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.

      21 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: May 3, 2019

      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.

      21 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 Expert

      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.

      AIG Annuities Company Information

      Company Name:
      AIG
      Year Founded:
      1919
      Phone:
      (800) 445-7862
      Website:
      www.aig.com