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The National Life and Accident Insurance Company was an American life insurance company based in Nashville, Tennessee that operated from 1900 until it was acquired in a hostile takeover in 1982 by American General Corporation.
Gulf Life may have been one of the small insurers that were acquired by American General Life. When American General acquired these smaller insurers they also acquired their obligations. A Class Action was initiated to require American General to honor the previous companys policies.
The policy will usually be acquired by another carrier. The cash values may be temporarily impacted. Life insurance companies do not go bankrupt. If they begin to fail, they are seized by the state regulators in their domiciled state. The regulators do everything quickly to sell the assets (policies) to other insurers.
The best life insurance companies at a glance MassMutual: Best overall. Guardian: Best for applicants with a history of health conditions. Northwestern Mutual: Best for consumer experience. Pacific Life: Best range of permanent life insurance. Thrivent: Best for social responsibility.
Term life insurance provides protection for a 10-, 20-, or 30-year period. Rates are based on issue age and are guaranteed to remain level during the initial term period you choose.
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Growth. The early 2000s saw a marked period of growth as AIG acquired American General Corporation, a leading domestic life insurance and annuities provider, and AIG entered new markets including India.