Defense Base Act Compensation Blog

The Modern Day DBA Casualty

Believe it or not

Posted by defensebaseactcomp on April 20, 2010

By T Lee Marshall  AIG WAR

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  AmGen 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.

7 Responses to “Believe it or not”

  1. Going Silent said

    This is a joke right? If thats true and you don’t own the policy? Your survivors won’t get whats left. It will revert back to the owner. AIG. This is crazy stuff.

  2. T. Lee Marshall said

    No joke. And they refuse direct deposit because the “living” annuitant (that’s me)is required to sign the back of the check. In other words, they want to know the second I die. AIG seems to ignore the 20 year guaranteed payments. I expect them to give my wife hell once I do.
    There is a way around it for the rest of you. DON’T AGREE TO AN ANNUITY! Make them pay every dime to you in cash. That is the point of the post.

    • T. Lee Marshall said

      Perhaps “DON’T AGREE TO AN ANNUITY!” was a bit too limiting and narrow. Better put: “AGREE TO AN ANNUITY ONCE YOU KNOW THE COMPANY DEALING IT ISN’T DISAGREEABLE.” At least a company that does not make one nauseous for generations. Personally, I like Prudential. Prudential, I’ve recently found, allows their agents to go outside the company to find the best possible deal for their client. That impressed me. I don’t think AIG would make the cut. It doesn’t with me.

  3. Brit guy said

    Then it all gets a bit hazy well it depends on the policy I was told but you said it was life insurance so what would happen to the money. Well we would have to get a policy that you were happy with if the insurers agree to it.

    OK if I go for this option I want a policy held in the UK by a UK company that way they are governed by the Financial Services Authority and any disagreement would be covered by the UK system and not the American one.

    I am not sure that they would agree to that.

    Why not?
    No answer scratching and shaking of head

    Well fair enough I don’t want it then I will invest the money myself that way I know exactly what happens to it.

    Two years on the battle continues these unscrupulous b*****s will stop at nothing to hang on to their blood money earned by those who serve and support so they can hide behind a desk.

    • T. Lee Marshall said

      Just use what I told you to protect yourself and your family. AIG witheld information and clouded the issue on my settlement. And I was stupid enough to fall for it. Corner them with questions and give them no retreat.

  4. Brit guy said

    This is unbelievable however it would seem to be the way forward for the insurance industry. My attorney suggested one of these I asked what it was.

    He explained that they buy you an insurance policy that pays you a weekly or monthly or biweekly payment.

    Well at first sight it seems like a good idea.

    I asked what happens to the money if something untoward should happen to me.

    Then it all gets a bit hazy well it depends on the policy I was told but you said it was life insurance so what would happen to the money. Well we would have to get a policy that you were happy with if the insurers agree to it.

    OK if I go for this option I want a policy held in the UK by a UK company that way they are governed by the Financial Services Authority and any disagreement would be covered by the UK system and not the American one.

    I am not sure that they would agree to that.

    Why not?
    No answer scratching and shaking of head

    Well fair enough I don’t want it then I will invest the money myself that way I know exactly what happens to it.

    Two years on the battle continues these unscrupulous b*****s will stop at nothing to hang on to their blood money earned by those who serve and support so they can hide behind a desk.

    Sorry for the above missed some of it in pasting

  5. T. Lee Marshall said

    AIG’s lawyers arranged for a mediation on my case. Throughout that mediation I kept getting signals the last thing they wanted to do was face the Judge. The fact that you are sitting there gives you power. If they can’t agree to your terms, who is to hold the annuity (very important. You don’t want AIG or CNA in your life for the next twenty years) then get up and walk out. The next step is the Judge. Let the court decide.

    Always make sure you know who you are dealing with. The annuity representative who is doing the paperwork might be a corporation totally unrelated to AIG, but it could be a smokescreen. He does the paperwork and you get a big surprise later– AIG owns the annuity. You, like me now, have to deals with these professional pukes the rest of your life.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: