Complaint Review: Aig SunAmerica Life Assurance Company - Greenville South Carolina
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- Aig SunAmerica Life Assurance Company 2000 Wade Hampton Blvd Greenville, South Carolina U.S.A.
- Phone: 800-821-7887
- Web:
- Category: Insurance Companies
AIG SunAmerica Life Assurance Company More then tripled my premium on a policy that was in force for 20 years Greenville South Carolina
*Consumer Suggestion: Term policies
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This company is headquarterd in Los Angeles, CA and have a Service office in Greenville, SC. They took over a policy ($100,000) originally written by another company in 1987, 20 years ago.
I have continously paid my premiums and I was informed a few months ago that my premiums would triple in cost because they changed their mortality tables and increased what they called the Cost of Insurance (COI).
I argued that this shouldn't effect an existing policy and I couldn't afford to pay the new outragously priced premium.In my way of thinking, these things should only be applied to new policies.
Since then the policy has lapsed because I couldn't afford to keep it, and I am unable to obtain other insurance because I've had cancer.
I filed complaints with the California and Colorado BBB and also both sates Dept of Insurance to no avail. The company won't budge on the cost or reinstate the policy at the original rate.
They have told me that it would cost thousands of dollars to reinstate plus I would have to pass an underwriting exam which I couldn't because of history of cancer. Is this a coincidence? I don't think so.
N.
Arvada, Colorado
U.S.A.
This report was posted on Ripoff Report on 06/11/2007 08:49 AM and is a permanent record located here: https://www.ripoffreport.com/reports/aig-sunamerica-life-assurance-company/greenville-south-carolina-29615-1064/aig-sunamerica-life-assurance-company-more-then-tripled-my-premium-on-a-policy-that-was-in-253632. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Suggestion
Term policies
AUTHOR: Mike - (U.S.A.)
SUBMITTED: Monday, June 11, 2007
You fail to describe the type of policy you own. If you own any policy that is a term (Yearly renewal "YRT", Flexible Life, Variable life) based product, than yes, your rate is adjusted every year whether you are aware of it or not. Usually in Variable life products, you overfund at the beginning of the policy with the balance going to the Funds you've chosen. As you get older and the rates go up, less go into funds and more is eaten by the premiums. If you had a YRT term/10 Yr term/20 yr term, than your rates are based on new rates at the time of renewal, and yes, the new mortality tables would be in effect.
PLease let me know what type of policy you have.
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