AIG Anuity
Has anyone here had good/bad experiences with AIG. I'm considering moving some of my other retirement funds into them for an expected monthly payout.
Posted Jun 15, 2023, 1:07 AM UTC
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Just to repeat what others are saying. Please be very careful when buying any Annuity. They are rarely the best product to solve a particular need. They can have very high commissions for the salesperson which subtract from your returns. Please read up on Annuities in general before this purchase. If you are being rushed by a salesperson, that’s a bad sign….
Specifically about AIG, I wouldn’t buy anything from a Bbb rated insurance company since you are counting on them being around in 20-40 years. You want at least an AA rated company for a long term relationship.
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What kind of annuity? How much put in and how will they pay?
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Number one thing, annuities are not for everyone. Primarily how old are you? There can be long surrender periods and high charges. It depends on the product and they vary greatly. 20 years ago I worked in compliance for an AIG owned broker dealer. I would not purchase an annuity myself. It was the number one product about which complaints were filed.
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I think you are asking about the company and not whether an annuity is a good thing. If that is the case, AIG is listed as bbb with AM Best. That is a "Good" rating.
Have you looked at other companies or is someone from AIG trying to sell you? It makes a difference. If someone is trying to sell you an annuity, it usually is not the best type. The best types of annuities are bought, not sold. By that I mean the commissions are not high enough that a salesman will mention them or try to sell them. Immediate annuities are generally the type that most non-commissioned Financial Advisers recommend.
https://www.immediateannuities.com/ is a pretty good place to start. They have several companies that they quote.
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We need a lot more info. It’s like saying “I’m considering buying a vanguard mutual fund, should I do it?”