Believe it or Not (Annuity)

Believe it or Not

The court orders AIG to settle my case. Part of the settlement is $275k.  I was told by my lawyer, Nalick, that if I allowed AIG to set-up an annuity with the money I would not be required to pay taxes on the proceeds.  I agreed to it.

So AIG paid the $275k to American General Life Insurance.  As it turns out, AIG paid themselves. AmGen is owned by AIG.

The court ordered the annuity to begin on 01 Jan 2010.  AmGen was two months late making the first annuity payment.  Further, my requests for a copy of the contract was ignored until I posted the story on Angieslist.com.  Within a couple of days, my caller ID showed two calls from AmGen Life Insurance and I was graced with a copy of my annuity contract with them.

Because of AmGen’s seemed to be playing from AIG’s playbook, I cancelled the contract, according to a stipulation allowing the “owner” to cancel within ten days of receipt of the contract. AmGen sent the contract I canceled back to me with a cover letter telling me I don’t have the right to cancel the contract because I am not the owner.

The court orders AIG to pay me two-hundred and seventy-five thousand dollars and I don’t own the money?  We gotta get a copy of that playbook, if anyone can stomach reading it. More fun than I deserve.

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