What is the name of your state (only U.S. law)? Virginia
My life insurance company failed to make this month's payment, and I'm worried. Annuitant is still alive, and as far as I know life insurance company is is legally bound by the insurance contract to pay. Life insurance company is still in business as far as I can find out. Do I have anything to worry about? I believe in case the life insurance company goes belly up, the state government can pick up the insurance contract to pay the benefit to certain amount if the state has legal provision to protect insurees.