Family Life Insurance
I have my family life Insurance with AIG. Is it safe to keep it with them, or do I need to move it elsewhere?
AIG’s Insurance companies are financially sound, with substantially more in assets than they need to pay all valid present and projected claims, Insurance Superintendent Eric Dinallo today reassured New York policyholders. Dinallo also announced he would issue notices to Insurance companies, agents and brokers, reminding them of their responsibilities under New York Insurance Law to fully inform consumers of the possible costs of switching life Insurance, annuity and other policies.
“Don’t worry and don’t make any rash decisions if you have a policy issued by an AIG Insurance Company,” Dinallo said. “All your covered claims will be paid and all your annuity checks will come. Making sure Insurance companies are solvent and able to pay every valid claim is my number one job, and the AIG Insurance companies are strong and solvent.
“If you have a life Insurance or annuity policy and someone tells you to replace it because of the troubles at AIG’s parent company, call the Insurance Department immediately at 1-800-339-1759,” Dinallo said.
This is from the NY State Insurance Department.
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