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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
Unlock Growth Potential with a Multi Year Guaranteed Annuity to protect your nest egg. Rates much higher than CD's, with interest that is tax deferred. Rates are subject to change by insurer without notice. Contact us today for details and suitability.
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