AIG…Should I Stay Or Should I Go?
· by Matt Fox · posted September 25, 2008
· filed under Personal Insurance category.
I’ve avoided writing about AIG because there has been more than enough out there already written. However, since I still get questions and comments on the state of the insurance industry and the other companies we work with.
While speaking with other insurance agents our there I’ve heard many saying this is a great opportunity to switch clients from AIG to another ‘safer’ insurance company. In fact, I can see a lot of people falling victim to scams and lies based on fear. The fear that money in annuities or life insurance products issued by AIG is unsafe and ‘needs’ to be moved.
From everything I’ve read and found on this issue, the insurance side of AIG is completely solvent. AIG has more than enough in reserves to pay its claims and continues to pay millions of dollars each day in claims.
If you have a policy with AIG, what are you to do now?
Well, in my opinion, nothing.
AIG owns 71 US based insurance entities. They’re all solvent. Not one is related to the financial problems they’re experiencing. And, the best part, the money inside these companies reserved to pay claims is protected by law.
So, you can relax and put the anxiety medication away for another day.
If you don’t believe me, check out the AIG Consumer FAQ put out by the National Association of Insurance Commissioners .
If you’re ever in doubt or have concerns or complaints about your insurance company, contact Arizona’s Department of Insurance and check up on them. It’s your money and security at risk.
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