State annuity laws

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Goblue10
Posts: 19
Joined: Sun Dec 30, 2012 1:39 am

State annuity laws

Post by Goblue10 » Sun Mar 24, 2013 12:38 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.

Levett
Posts: 4149
Joined: Fri Feb 23, 2007 2:10 pm
Location: upper Midwest

Re: State annuity laws

Post by Levett » Sun Mar 24, 2013 6:09 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

Lev

Johm221122
Posts: 4915
Joined: Fri May 13, 2011 6:27 pm

Re: State annuity laws

Post by Johm221122 » Sun Mar 24, 2013 7:42 am

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

dhodson
Posts: 4117
Joined: Mon May 24, 2010 3:03 pm

Re: State annuity laws

Post by dhodson » Sun Mar 24, 2013 8:01 am

I'm not seeing any advantage to buying in another state.

Call_Me_Op
Posts: 6515
Joined: Mon Sep 07, 2009 2:57 pm
Location: Milky Way

Re: State annuity laws

Post by Call_Me_Op » Sun Mar 24, 2013 8:03 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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