I have the strong impression that guaranty funds operate at the legal entity level, rather than at the corporate level.The message about Gainbridge and Delaware Life both being part of the Group 1001 collective has prompted an additional question. Would both Gainbridge and Delaware Life be considered part of the same state guarantee limit or separate? I previously purchased a Delaware Life MYGA back when they were 6.15% (issued by "Delaware Life Insurance Company") and now considering adding a Gainbridge at 6.15% (looks to be issued by Gainbridge Life Insurance Company), but combined it would put me over my state limit (in my case $250K in Tennessee) during the term.
If I’m correct, then you would have separate guaranty fund coverage for (for example) Delaware Life, Clear Spring Life, and Gainbridge Life, all of which have common ownership. In other words, you would be covered up to $250k for a policy in each company.
There are at least a couple other examples of corporate “sisters” that both issue in MYGA-world. Those include Sentinel Security and Atlantic Coast, and Midland National and North American.
If you want to confirm, please get in touch with your state guaranty fund. And then please post your findings here.
Statistics: Posted by Stinky — Thu Aug 15, 2024 3:09 pm