What is the Illinois Life & Health Insurance Guaranty Association?
The Illinois Life and Health Insurance Guaranty Association (the “Association”) is an association of insurance companies that sell life, health, and annuity* products. The Association was created by the Illinois General Assembly to protect policy owners, insureds, certificate holders and annuitants against the impairment of insolvency of such companies. Every insurer that is licensed or authorized in Illinois to write life or health insurance or annuity contracts must be a member of the Association (a “member insurer”) and is assessed to provide the benefits afforded to persons protected by the Association. *The annuity products covered by the Association include guaranteed investment contracts, deposit administration contracts, unallocated funding agreements, allocated funding agreements, structured settlement agreements, lottery contracts and any immediate or deferred annuity contracts. Please note that all the information in the FAQs section is intended as a summary of certain key p
