re annuities and deposit insurance

[o3003o]

What is the name of your state (only U.S. law)? new york
I currently own a fixed, immediate annuity with a large insurance company based in Iowa.
I live in New York State. I currently receive monthly payments. Is this type of policy covered by depositors insurance in either state?

 

[anteater]

If you are referring to deposit insurance in the sense of the FDIC insuring bank deposits, then the answer is no.

However, each state has a guaranty association tha provides some protection to policy holders in the event of an insurance company failure. I suggest that you take a look at these websites:

The National Organization of Life and Health Insurance Guaranty Associations:
nolhga.com :: welcome

The Life Insurance Company Guaranty Corporation of New York:
Life Insurance Company Guaranty Corporation of New York- Home Page

 

[o3003o]

Thanks, anteater, I will check those sites.