#21 What if an Insurance Company Fails?
One of the most common fears that people share when faced with the prospect of getting an insurance policy is what happens if the insurer goes bankrupt. Can you recover? How much money would be lost? What insurance company should you choose?
It has happened in the past but insurance companies rarely fail. Understanding how past insolvencies were handled can give you comfort in knowing that insurance products are incredibly safe.
In this episode, Bryan explains why insurance is one of the safest investments or allocations you can make with your retirement assets and what you should know if an insurance company fails so you can be prepared to prevent an adverse outcome.
What You’ll Learn in This Episode:
- 04:53 Why insurance companies are really the bedrock of our financial system
- 05:37 The state guarantee fund
- 06:18 The difference between the offers in an insurance company and a bank
- 10:21 The two different types of accounts in an insurance company
- 11:33 Why insurance companies fail
- 15:48 What happens to your annuity if your insurance company fails
- 21:53 The four components to the safety of annuity
- 15:53 “If a company fails, then another company is probably going to buy your annuity.” -Bryan Anderson
- 20:59 “In order for you to really lose money with an annuity, it’s going to take like it’s a failure of the system, not of the company.” -Bryan Anderson
- 21:55 “Remember, if you want security, you’re going to pay for it in some way or another.” -Bryan Anderson
Call Annuity Straight Talk at 800-438-5121 or schedule a call at AnnuityStraightTalk.com