More Information About Your AIG Policy
With the United States media and financial sectors in a panic over the status of the American International Group (AIG), many of the company’s policyholders have become increasingly worried as well. The chief concern is whether or not their product would still be valid if AIG were to go under for good. It’s a legitimate concern, one that AIG’s insurance superintendent took the time to answer, stating, “Don’t worry and don’t make any rash decisions if you have a plan issued by an AIG insurance company… All your covered claims will be paid and all your annuity checks will come. Making sure providers are solvent and able to pay every valid claim is my number one job, and the AIG companies are strong and solvent.” Straight from the horse’s mouth, this news should help quell fears, but there’s more positive information as well.
While the provider is doing well financially, it’s non-insurance parent is not. The various divisions of AIG have generally been able to keep themselves in a good position with an assortment of regulatory tools, such as minimum capital/surplus requirements. These regulations help keep the provider protected so that they can pay off consumer claims no matter what their financial status is. If AIG had maintained the same type of regulations in their non-insurance divisions, they might not be in its current situation. Like other providers, AIG also makes paying out consumer policies the highest priority, meaning the company would pay you rather than pay creditors.
Are there any Guarantees that my Policy would still Pay out?
In the very unlikely event that the provider cannot pay out your plan, there are protections in place. In every state, there is a guaranty fund that will provide coverage to consumers if a carrier goes under.
Should I Cancel my Plan?
Despite what you may have heard from some people, canceling your policy with AIG is probably not in your best interest. Depending on the type of plan you have right now, canceling your current policy and taking out a new one could lead to higher premiums. In the case that you took out your current plan several years ago, a new product would almost certainly be more expensive since you’ve gotten older. Age is an important factor in determining rates, since health issues typically develop later in life. Of course, if you still feel like you need to switch policies, there’s nothing stopping you from doing so, and taking out a new product with the company may not be the best idea. For current customers though, you can find peace of mind in knowing that your benefits will still be paid out with AIG.
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