Is AIG the same as American General Life Insurance?
Is AIG the same as American General Life Insurance?
American General Life Insurance Company was established in 1960. As American General expanded its national presence and added new financial products and services over the years, the company was acquired by American International Group (AIG) in 2001.
Who bought American General Life Insurance Company?
American International Group Inc.
AIG to buy American General – May 11, 2001. NEW YORK (CNNfn) – As expected, American International Group Inc. won its $23 billion takeover bid for American General Corp. Friday, scuttling an earlier deal inked by U.K. insurer Prudential PLC. The merger agreement ends weeks of talks between the firms.
Do you get taxed on life insurance?
Generally, the answer to, “do I have to pay taxes on life insurance?” is no, you do not. Your spouse and children, for instance, usually won’t have to pay taxes if they receive a lump-sum life insurance payout. The answer changes when the payout goes to non-financial dependants, however.
Do you need to give your SSN for life insurance?
A life insurance beneficiary doesn’t have to have a Social Security number because life insurance companies don’t collect the it with the name of the beneficiary. If your beneficiary has a Social Security number, it speeds up the identification process.
Do you need Social Security number for life insurance beneficiary?
Yes, insurance companies and financial institutions often require the social security number of all beneficiaries to ensure that benefits are paid to the right person. If you don’t want to provide that number, check with the company to see if they can assign you a identifying number.
How can I avoid paying taxes on life insurance?
Using an Ownership Transfer to Avoid Taxation
- Choose a competent adult/entity to be the new owner (it may be the policy beneficiary), then call your insurance company for the proper assignment, or transfer of ownership, forms.
- New owners must pay the premiums on the policy.