;)
State Guaranty Protection Limits
Posted by admin in General Insurance
What happens should an insurance company go bankrupt or not have enough liquid assets to pay the death benefits of a life insurance policy or return the premium that was allocated to an annuity?
Life insurance and annuities are protected against carrier insolvency by State Guaranty Associations. Annuities are not FDIC insured, however, each insurance company is regulated and licensed in each state in which it conducts business. The state protects policies up to a the protection limit should the company become insolvent. You can find more information by visiting the National Organization of Life & Health Guaranty Associations.
We have listed each state’s protection limit and a link to the states Guaranty Association.
| State (w/link to website): | Protection Limit: | Guaranty Assoc. Phone: |
|---|---|---|
| Alabama | $100,000 | (334) 269-3550 |
| Alaska | $100,000 | (907) 465-2515 |
| Arizona | $100,000 | (602) 912-8400 |
| Arkansas | $300,000 | (501) 371-2600 |
| California | $80,000 | (916) 492-3500 |
| Colorado | $100,000 | (303) 894-7499 |
| Connecticut | $100,000 | (860) 297-3802 |
| Delaware | $100,000 | (302) 739-4251 |
| District of Columbia | $300,000 | (202) 727-8000 |
| Florida | $100,000 – $300,000 | (850) 922-3101 |
| Georgia | $100,000 | (404) 656-2056 |
| Hawaii | $100,000 | (808) 586-2790 |
| Idaho | $100,000 – $300,000 | (208) 334-4250 |
| Illinois | $100,000 | (217) 785-0116 |
| Indiana | $100,000 | (317) 232-2385 |
| Iowa | $100,000 | (515) 281-5705 |
| Kansas | $100,000 | (785) 296-7081 |
| Kentucky | $100,000 | (502) 564-6027 |
| Louisiana | $100,000 | (225) 342-5423 |
| Maine | $100,000 | (207) 624-8475 |
| Maryland | $100,000 | (410) 468-2090 |
| Massachusetts | $100,000 | (617) 521-7794 |
| Michigan | $100,000 | (517) 373-9273 |
| Minnesota | $100,000 – $300,000 | (651) 296-6848 |
| Mississippi | $100,000 | (601) 359-3569 |
| Missouri | $100,000 | (573) 751-4126 |
| Montana | $100,000 | (406) 444-2040 |
| Nebraska | $100,000 | (402) 471-2201 |
| Nevada | $100,000 | (775) 687-4270 |
| New Hampshire | $100,000 | (603) 271-2261 |
| New Jersey | $100,000 – $500,000 | (973) 623-3989 |
| New Mexico | $100,000 | (505) 827-4601 |
| New York | $500,000 | (212) 480-2289 |
| North Carolina | $300,000 | (919) 733-7349 |
| North Dakota | $100,000 | (701) 328-2440 |
| Ohio | $100,000 | (614) 644-2658 |
| Oklahoma | $300,000 | (405) 521-2828 |
| Oregon | $100,000 | (503) 947-7980 |
| Pennsylvania | $100,000 | (717) 783-0442 |
| Rhode Island | $100,000 | (401) 222-2223 |
| South Carolina | $300,000 | (803) 737-6160 |
| South Dakota | $100,000 | (605) 773-3563 |
| Tennessee | $100,000 | (615) 741-2241 |
| Texas | $100,000 | (512) 463-6464 |
| Utah | $200,000 | (801) 538-3800 |
| Vermont | $100,000 | (802) 828-3301 |
| Virginia | $100,000 | (804) 371-9741 |
| Washington | $500,000 | (360) 753-7301 |
| West Virginia | $100,000 | (304) 558-3394 |
| Wisconsin | $300,000 | (608) 267-1233 |
| Wyoming | $100,000 | (307) 777-7401 |
*Protection limits, links, and phone numbers as of 07/13/2009. Subject to change without notice.
;)
[...] Very Low Risk — Money can only be lost if the insurance company becomes insolvent and your investment exceeds Annuity State Guaranty Limits. [...]