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For example, if I own three annuities worth $250,000 each and my insurance company fails, how much is protected?

April 26, 2017annuities COMPANY fails Insurance protected worth

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For example, if I own three annuities worth $250,000 each and my insurance company fails, how much is protected?

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The total protection per owner per member company is $250,000 for all annuity contracts. As a result, if an individual owned three $250,000 annuities with the same insolvent insurance company, the individual would have total 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.