I believe that many, if not most, states view insurance guaranty fund coverage as "per individual, per company". That is, if your state guaranty fund limit for annuity surrender values is $250,000, then you would have coverage of up to $250,000 for every insurance company with which you had annuity deposits, rather than $250,000 in aggregate across all insurance companies.That said, I just had a CD mature. Might be a good time for another MYGA.
Problem. All current MYGAs are in my name / SS# and I'm too near my state max.
- I'm guessing I can open them in my wife's name / SS# again up to the state max?
Second: I have 5 contracts total across 2 companies. (Gainbridge & Canvas)
- should I stick with one of those or branch out?
- pros / cons?
I've verified this with my local state guaranty association.
You might want to check this out with the guaranty association for your state.
If you do find that your state coverage is "per individual, per company", then that would give you plenty of room to purchase new MYGAs, either with companies where you already have MYGAs or with a new company.
Statistics: Posted by Stinky — Wed Nov 27, 2024 4:46 am