Thanks to AIG, I Can Not Die in Peace
I seem to have hit a pocket of bad luck turbulence. My latest financial trouble involves American General Life Insurance Company (AIG Life). Over the weekend, AIG sent me a letter cancelling my life insurance policy for non-payment. I don’t think AIG knows what they are doing because I made the annual payment last October. When AIG notified me back in November, I had my bank send them a copy of the check, which was deposited by AIG and cleared on October 17th. In December, AIG investigated the matter and sent me a letter informing me I was correct and that the issue was resolved.
Then last month, AIG sent me another letter telling me they still have not received payment. I assumed it was just an error/automated response since they already told me the problem has been taken care of. Then over the weekend, AIG sent me yet another letter. This time they told me they have terminated my policy (even though I had already paid them $282 last October). My wife called AIG and told them we already sent proof of payment and that AIG sent a letter telling us they did receive the check. The customer service rep told my wife that they have no record that the check ever cleared and that we have to resolve the issue with our bank.
What the heck? AIG cashed the check. It cleared. We sent them proof. AIG acknowledged receipt of payment. Now my life insurance policy has been terminated. Without a refund.
Even if I get my life insurance policy reinstated, I have absolutely no confidence AIG will actually send a check to my family in the event I am killed by a sith or a giant marshmallow man. Keep in mind that AIG was bailed out twice last Fall ($150 billion in taxpayer dollars) and will most likely need another bailout this year. This is the same company that threw a party at a five-star resort two weeks after the first bailout. They don’t know what they are doing. Right now, I would rather get my $282 back than keep my policy with AIG Life.
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That is so wrong. How can you have faith in a company like that?
And what is it with these companies that got a bailout having grand parties and conferences at multi-million dollar resorts? I believe the tax payers footed the bill for them. Oh…..don’t get me started!
Read peepnroosmom´s recent blog post..Taking down a tree is a spectator sport.
If I had known AIG was having so much financial problems, I would have cancelled last October.
Ug, I hate this corporate system of the left hand never knowing what the right is doing. It makes you absolutely insane! Hoping you find a way to resolve it and find answers that make you feel better. Crazy, mixed up world.
Hugs,
Holly
Read Holly Schwendiman´s recent blog post..The Know Factor
It’s funny how I have come up with all the proof, but they don’t have to offer any proof.
UGH! So frustrating! I hope they get it straightened out soon.
Read Autumn´s recent blog post..An apple a day
Before I die would be nice.
Is AIG an example that trying to bailout these failing companies is not working? AIG has received a $150 Billion rescue package from the government and still is reportedly asking for more help.
When these failing companies are still going under despite multi-billion dollar rescue packages is it time to reexamine the current economic initiatives being promulgated today by the government?
http://www.weeklypoint.com/2009/02/24/aig-fears-60-billion-loss-begs-for-more-taxpayer-money/
Read Dan D.´s recent blog post..Taliban Militants In Pakistan Paid for Ceasefire, U.S. Taxpayers Footing the Bill?
I’ve been wondering about that myself. Weak companies are suppose to fail so stronger ones can emerge.
The insurance divisions of AIG have been healthy and sound, it’s the other divisions (mortgages, etc.) that went belly up. Insurance is regulated by each individual state, not by the feds, and therefore is performing much better for you than other fields of business.
AIG’s customer service has always sucked, though. Doesn’t matter if it’s life insurance or auto insurance, customer service is terrible. I used to work with that company. I don’t anymore.
Read Kila´s recent blog post..Tuesday night…
I know it’s the parent company that is failing, but as often is the case, the parent company eventually drains the profits from the subsidiaries. At least that’s what happened with Enron and our local electric company. Enron took the taxes/fees collected by PGE instead of paying them to the local agencies.
That is really frustrating! I think I would switch companies for sure.
Read Kari´s recent blog post..Giveaway – Yoplait Yogurt
The problem with switching is that I have to pay a higher premium (because I’m older now).
I’m not sure how much more reliable another insurance company would be; I guess I’m just being cynical, but it seems we can’t trust any type of company to cover our butts when we need them the most.
Read Desert Songbird´s recent blog post..Manic Monday – Fire
I figure most insurance companies are a pain in the butt when it comes to collecting on the policy, but I didn’t expect so much hassle when I’m still alive.
Tsk tsk … that is awful …
I don’t have any insurance thing save for the one provided by work. I’m too scared of the possible screw ups to get one on my own.
Read Kay´s recent blog post..National Eating Disorder Awareness week.
Life insurance isn’t hard to get. Rates are lower if you get it when you’re still young (like you).
Insurance companies drive me to drink …..way too many politics…
Glad you are not going to stay with them….
Sounds like kids from grade 2 might be running the show !
x
Read Danielle´s recent blog post..
That’s for sure. I won’t be renewing with AIG. The hard part is getting my money back for this year.
The bigger they are the more messed up their customer service will be. It’s just the way things are…
Good luck.
Read Mike´s recent blog post..Where’s the Beef?
Kinda makes me wonder if they even know what they are doing with the bailout money.
Oh my gosh; that was almost too horrible to read. It is an every day occurrence; things like this happening. I was talking to the small business banker the other day and realized how little confidence I personally have in them; and their credit card company; how no one owns the problem but passes it on and plays the victim leaving a person feeling helpless on who to get angry with. And they don’t even do that well – smiles on the faces. Do they not think we have long memories and that when things turn back around that they will have to win our trust back; that we will recall interactions such as this?
If I’m having problems with AIG now while I’m still alive, then my wife will have even more trouble trying to collect on the policy down the road.
oh dear – bugger me !! that is crap service eh … lucky you are still alive to fight the good fight :) go man get em !! le
Read le´s recent blog post..The Frangipani Hunter
If they reinstate me, I should teach AIG a lesson and die on them. That’ll teach them for messing with me. Take that AIG!
Well I have a an annual premium due in about 30 days with AIG….the premium is almost $20K….I am wondering if I should send it…..problem is I had some minor health issues (heart) that will kill any chance of getting a new policy with another carrier…..talk about economic crisis……I would love them to sell my policy to another carrier, TODAY!!!!
Sorry about your heart issues. Yeah, that would make it hard to get another policy. On the other hand, I wonder if AIG will drag AIG Life with them if they go bankrupt.
My father bought a policy in 1936 that started participating in 1956. AIG is the current owner of the policy. It has been 3 months and AIG continues to contest that the policy was participating, even tho we sent a copy of the policy! First they said my dad cancelled the policy in the 1970′s (not!) and they that they sent a letter notifying him the policy would be changing to a non-participating one unless he signed a form saying he did not want to. How ridiculous! Just glad I am not a grieving spouse unwilling to take them on. How many others did not get full value on their policies??
I can’t even get AIG to give me Term Life Insurance even though I am completely healthy. I screwed around with them for 2 years sending them information on a report that didn’t even belong to me and they never respond. People come out, tell me I’m healthy, blah blah blah, then I get denied. My primary care physician who I’ve have for 5 years can’t figure it out either. I’m definitely not going to waste my time with them any longer.