if the insurance company that holds my annuitty goes bankrupt do i lose all my money?

Question

i suid a docter 20 years ago and exutive life holds the annuitty but they might go bankrupt.

Answer 1

If the carrier is an admitted carrier in your state - admitted to do business, and regulated by your state insurance department - then you don't have anything to worry about. Every state has a fund to cover claims for bankrupt companies that are regulated in that state, and what will most likely happen, is that the annuity book will be transferred to another carrier for servicing.

SO, sleep easy. But watch your mail, in case the account gets transferred. You'll need to keep the contact information, and sometimes those letters can look like junk mail.

Answer 2

I agree with Ted. You'll probably just get a letter telling you that your insurance company has changed names. Insurance is very highly regulated, and when a company gets into trouble the state insurance department will be on them like dogs on a bone.

Answer 3

The insurance watchdogs ensure that there is not a complete loss in case the ins co goes bankrupt......
the in co has to maintain som money by which prob like your can be solved.....

Answer 4

Catz is right. Check with your state's guarantee association (you'll find them through the department of insurance) to see what the limit is on each annuity contract. The protection limit changes with each state.

Answer 5

You'll never know it happened. usually, when an ins co is in trouble, another company will take over portions of their business.
one day you might get a letter, " hello, we are XXXX ins co and we will now be servicing the policy you had with executive life."
You have little to worry about.

Answer 6

Your state insures you for this kind of thing: The name of the company would change, nothing else.

Answer 7

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