State annuity laws

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills

State annuity laws

Postby Goblue10 » Sun Mar 24, 2013 1:38 am

Is it possible to go to another state and purchase an annuity and receive the annuity protection of that state assuming you are the resident of another state? For example, traveling to Florida to purchase the annuity and getting the Florida annuity "protection" for asset protection purposes.
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Re: State annuity laws

Postby Levett » Sun Mar 24, 2013 7:09 am

From the NOLHGA website:

Whom should I contact with questions about my policy?
You should contact your state insurance department or your state guaranty association with questions about coverage. Coverage will be provided by the guaranty association in your state of residence, even if the policy was purchased in another state. Policyholders who reside in states where the insolvent insurer was not licensed are covered, in most cases, by the guaranty association of the company’s domiciliary state. (Click here for a list of guaranty association Web sites and contact information.)


http://www.nolhga.com/policyholderinfo/main.cfm/location/questions

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Re: State annuity laws

Postby Johm221122 » Sun Mar 24, 2013 8:42 am

I think it matters more where you live when insurance company runs into trouble, not were you bought it
John
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Re: State annuity laws

Postby dhodson » Sun Mar 24, 2013 9:01 am

I'm not seeing any advantage to buying in another state.
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Re: State annuity laws

Postby Call_Me_Op » Sun Mar 24, 2013 9:03 am

Johm221122 wrote:I think it matters more where you live when insurance company runs into trouble, not were you bought it
John


I think it matters where you live when you run into trouble.
Best regards, -Op

"In the middle of difficulty lies opportunity." Einstein
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