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American General Life and Accident Complaint - Policy Cash Surrender

Review by Randyl on 2010-07-08
I've had a policy for many years. At the time of purchase, the insurance agent did not explain about the cash surrender in detail. The surrender value was $7,167.80. The surrender fee was $6,261.00. This seems extremely high to me. I guess this is how they get the money to pay the company officials millions of dollars in bonuses- by stealing from their customers.
Comments:2 Replies - Latest reply on 2010-07-08
Posted by momsey on 2010-07-08:
So if you'd surrender the policy, you'd only net less than $1,000? That's crazy. How many years have you had the policy? Do you still have a way to contact the original agent?
Posted by Anonymous on 2010-07-08:
I'm not sure how American General works, but other insurance companies offer illustrations on how the policy should perform. One way at the current rates and another at the guaranteed rates. If you review this it will tell you what the policy value and the surrender value should roughly be at the end of each policy year.
I'm not saying the agent did explain everything, I'm just stating you should always read documents and if you don't understand take them to a third part.

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