Most states have guaranty funds to help pay the claims of financially impaired insurance companies. State laws specify the lines of insurance covered by these state guarantee insurance funds and the dollar limits payable. The coverage of these guaranty funds is usually for individual policyholders and their beneficiaries and not for values held in unallocated group contracts.
There are many issues, too numerous to describe here, which determine the type and extent of coverage available from state guarantee insurance funds. You are advised to consult your state insurance department for details about any guaranteed funds policy you consider purchasing. Another source of information for state guarantee funds and state guaranty associations is the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA, 13873 Park Center Road, Suite 329, Herndon, VA 22071).
|Liability Limits To visit a particular state insurance department’s web site, click on the links provided in the table below.
Disclaimer: DirectAnnuities.com is not to be held responsible for the accuracy of this information. You are advised to call your state insurance department to verify the accuracy of this information prior to purchasing any annuity contract.