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Hello there | If AIG bankrupt, what happen to my life insurance? |
I have life insurance with AIG which I pay annually, what happen if AIG bankrupt. Any similar experience? |
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Ferry S
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If AIG bankrupt, other insurance company will take over you insurance and your insurance will run normally. That is the rule of insurance company. Insurance company reassurance the company and the customers to other insurance company.
In this case if you live in America your insurance will go to other company and you must pay annually to the new company.
But if you live in another country, you do not need to worry because different country have different rules and policy. Although branch of "American" AIG in other country, like example AIG outside America, AIU (American International Underwriters), AIA (American International Assurance),etc, that are member of AIG has give donation to save the bankrupt. But if AIG in America bankrupt, that will not affect your insurance in outside American country.
John Hancock insurance in Indonesia was bankrupt at Indonesia but other insurance company take over the customers and the insurance run as written in their policy but the customers pay annually to the new insurance company that take over John Hancock Insurance in Indonesia, in this case they pay to Sequis Life, Allianz and Sun Life |
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Ed H
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What will happen is literally almost nothing. If AIG declares bankruptcy and they decide to sell off American General, their life insurance subsidiary, there will be a line of companies ready to buy that block of business. If that happens, you will be notified and your next annual payment will be made to a different life insurance company. By law all of the guarantees such as death benefit, term length and rates have to remain the same, so your coverage will be uninterrupted and unchanged.
While this weeks news has been upsetting and volatile, insurance companies are purchased by other insurance companies all the time. A few examples recently would be Chase being purchased by Protective Life and Traveler's Life being purchased by Met Life.
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innyc2008
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If no one buys out AIG Life insurance business... then you pretty much lost it all. To scare you more, NY Governor said that AIG was allowed to use the policies of its clients as collateral... meaning they can use your money to borrow... and if it fails they lose your money.... all of it... |
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胤镇
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Usually and hopefully there will be another Insurance company that may take over the policy contract provided they find it profitable. However right now it's gonna be a global economy set back... I doubt there's any company could do that.
Then your money will go to the drain bcoz you are not a single biggest creditor of their company to claim your losses |
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Barry auh2o
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Nothing! In order for a life ins co to legally operate, they must establish reserves so they can pay claims in the event something such as this happens.. That is the law.
Your policy may be taken over by another company, but you will have the same coverage with them as you had with AIG.
But you will lose nothing. |
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Michael B N
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well i've never heard a life insurance company bankrupt,
usualy the company will be "taken up" from a bigger company.
any insurance company is insured too
i'm on insurance company eather so is not quite a big deal..
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Darren D
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If they go bankrupt, bye bye life Insurance.
At the moment, their fate lies in the hands of JP Morgan and Goldman Sachs.
The Fed won't bail this baby out, nor should they. |
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