About the caps on guaranty association coverage - I’ve talked to my local guaranty fund (Alabama) and this is what they told me. (In my state, the coverage limit is $250k for annuities).
—- My coverage is limited to $250k per company. For example, if I bought $200k from NYL and then bought $200k more from NYL the next year, I would have coverage of only $250k if NYL went bust.
—- My coverage is by company, not in total. So if I bought $200k from each of two companies and they both went bust, I would have full coverage for both annuities.
I believe that most, if not all, states interpret coverage limits in the same way.
For absolute assurance about coverage in California, contact the California Guaranty Association.
the California Guaranty Association is slow in returning calls. Up to 3 weeks I have heard. I called twice in past 2 weeks and left messages. No reply.
Statistics: Posted by jackie123 — Mon Sep 09, 2024 5:47 pm — Replies 13 — Views 581