No, but Life and Annuity companies doing business in the State of Florida belong to the Florida Life and Health Insurance Guaranty Association which protects consumers from Insurer insolvency. The FLAHIGA is a statutory entity created in 1979 when the Florida Legislature enacted the Florida Life and Health Insurance Guaranty Association Act.
Life insurance, $100,000 Net Cash Surrender Value, $300,000 Death Benefit. Deferred Annuity Net Cash Surrender Value $250,000 per contract owner, Annuity in Benefit $300,000 per contract owner. Participating Insurers pay the FLAHIGA an annual fee as part of the funding to protect consumers.
Yes, under certain circumstances. As an example, IRS Section 1035 permits the likewise exchange without a taxable event. Also, newer annuity contracts have Long Term Care and Nursing home riders that permit access to the value of the annuity without incurring any surrender charges
Stock Market got you worried, consider a Fixed & Guaranteed Multi Year Annuity to protect your nest egg. Rates are much better than CD's, interest and earnings are tax deferred. Call or email for minimums and financial ratings of all contracted carriers.