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Alabama Life & Disability Insurance Guaranty Association
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6 Office Park Circle, Suite 200 / Birmingham, AL 35223 |
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Frequently Asked Questions  |
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For example, if I own three annuities and each has a cash surrender value of $100,000, and my insurance company fails, how much will ALDIGA pay if I want to cash surrender my annuities?
The total annuity cash surrender protection per owner per member company is $100,000. That per person limit is a maximum that applies without regard to the number of annuity contracts. As a result, if an individual owned three $100,000 annuities with the same insolvent insurance company, ALDIGA would pay a maximum total of $100,000 in cash surrender values. The value in excess of this statutory coverage limit can be submitted as a claim by you for $200,000 against the estate of the failed insurer. The receiver will furnish claim forms and set a bar date for filing during the course of the receiver's administration of the estate. |
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| NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage. |
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