Los Angeles, CA asked in Banking for Arizona

Q: In Arizona if I buy three annuities from three different insurance companies of $250,000 each, does the state guarantee

Fund cover $750,000 if all three companies go bankrupt, or does the fund only cover $250,000

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Business Law Lawyer
  • Tallahassee, FL

A: Before you invest $750,000 you really need to ask each insurance company for all the (required) information they have that answers and explains this exact question.

Caveat: There is no such thing as state or federal "guaranteed deposit insurance" when purchasing any insurance products--because they are not the same as bank "deposits." That means you should buy only from the biggest and most reliable insurance companies, because they can stay afloat longer than any of the smaller (i.e. higher interest paying) insurance companies. Good luck.

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