Iowa Life & Health Insurance Guaranty Association 700 Walnut Street, Suite 1600 / Des Moines, IA 50309-3899 Home About Us FAQs Additional Info Links Terms of Use Contact Us Frequently Asked Questions      Are all policies fully protected? Not always. If your insurance company fails, the maximum amount of protection provided by the Iowa Guaranty Association for each type of policy, no matter how many of that type of policy that you bought from your insurance company and subject to statutory limitations, is: Life Insurance: $300,000 in death benefits per life, but not more than $100,000 in net cash surrender and net cash withdrawal values Health Insurance: $500,000 in benefits which are for basic hospital expenses, medical-surgical expenses, or major medical expenses; $300,000 for benefits which are disability income protection, $300,000 for long-term care insurance, or $100,000 for other health insurance benefits including any net cash surrender and net cash withdrawal values. Annuity (owned individually outside of an employer retirement plan*): $250,000 in present value of annuity benefits, including net cash surrender and net cash withdrawal values. Individual annuity issued pursuant to an employer retirement plan*, or a guaranteed investment contract or a group annuity not issued pursuant to an employer retirement plan*: $250,000 of present value of annuity benefits including net cash surrender and net cash withdrawal values. Guaranteed investment contract or group annuity issued pursuant to an employer retirement plan*: $5 million * 401(K) plans, defined benefit plans, profit sharing plans, cash balance plans and other qualified retirement plans sponsored by employers (including sole proprietors). This term also includes 403(b) tax sheltered annuities sponsored by charitable entities and education institutions and 457 arrangements sponsored by tax-exempt entities and governmental entities.   NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage.   [ Back to FAQ list ]