AIG Annuities Reviews

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!

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!

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..

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!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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."

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.

They corrected their error on the original paperwork. They had the incorrect monthly payment amount. They were trying to pay out less money than they were suppose to. There are no withdrawal options and we did not request any. All we wanted was a death benefit named in the paperwork. They said they had to go back to their paperwork to verify. They did not even apologize. There was not any payout option that was given. The only thing that we did was to give them the account number that the future payments were suppose to go into. Also there was no funding option. We just sent them a check for the annuity.