I'm 59 I have a whole life policy on myself that was bought through Franklin and is now American General (AIG). I also have a variable universal life (equibuilder) with a rider on my wife that was bought through Franklin and is also now American General (AIG). I can stop making payments now on the variable life and can pay the other twice a year to help out. My business is devastated by the current economy (machine sales) I have been looking for ways to cut expenses until things pick up again and talking with my investment people. They have tired to get me to trade my insurance for a Hartford poilcy which gives me a whole lot more coverage - but of course I loose my cash value. They say I can stop paying $184.00 a month and get $100,000 more life insurance(Kind of like tearing down the house and starting all over) I think that is a bad plan - but I'm freaking out some about this AIG thing and hopeing that I do not loose it all if AIG fails. The American General agent who has not given me an ounce of service until I called him - claims I should not worry about American General since they are a subsidiary of AIG and likely will be sold off to someone better. He claims if AIG goes DOWN - it does not mean American General will go down. In fact he is trying to tell me I need more insurance and should buy a new American General term policy for $75-$95 a month for 20 years. I'm not in the buying mode - I'm in the mode of trying to just get by now until the economy picks up. ADVICE???
