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Insurance Carrier: Life Insurance Company of the Southwest
I have no complaint. I would like to know if my 403b fixed annuity I have with The Life Insurance Company of the Southwest is insured by the state of Florida?
Insurance Expert Answer:
Each state has its own Life Insurance Guaranty Fund that provides some measure of protection to policyholders, annuity holders and beneficiaries of life insurance companies who reside in its state. Just like with FDIC insurance for bank depositors, there are limits per individual. But unlike the FDIC limits that apply nationwide, the amount of that protection varies from state to state.
Further just as the FDIC treats some accounts (such as retirement accounts) different from savings accounts, the type of policies or annuity may impact the level of protection. Contact the Florida Insurance Department to learn the applicable limits for your policy.