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Iowa Life & Health Insurance Guaranty Association
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700 Walnut Street, Suite 1600 / Des Moines, IA 50309-3899 |
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Frequently Asked Questions  |
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For example, if I own three annuities which each have a present value of annuity benefits, including net cash surrender and net cash withdrawal value, of $100,000 and my insurance company fails, how much is protected?
The total protection per owner per member company is $250,000 for all of the present value of annuity benefits, including net cash surrender and net cash withdrawal values. As a result, if an individual owned three $100,000 annuities with the same insolvent insurance company, the individual would have total Iowa Guaranty Association coverage of only $250,000. The value in excess of this statutory coverage limit would be eligible for submission as a creditor claim in the receivership, and the annuity holder may receive distributions as the company's assets are liquidated by the receiver. |
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| 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. |
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