Missouri guaranty notice

NOTICE OF PROTECTION PROVIDED BY MISSOURI LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

This notice provides a brief summary of the Missouri Life and Health Insurance Guaranty Association (“the Association”) and the protection it provides for policyholders. This safety net was created under Missouri law, which determines who and what is covered and the amounts of coverage.

 

The Association was established to provide protection in the unlikely event that your life, annuity, or health insurance company becomes financially unable to meet its obligations and is taken over by its insurance department. If this should happen, the Association will typically arrange to continue coverage and pay claims, in accordance with Missouri law, with funding from assessments paid by other insurance companies.

The basic protections provided by the Association are as follows:

  • Life Insurance
    • $300,000 in death benefits
    • $100,000 in cash surrender and withdrawal values
  • Health Insurance
    • $500,000 in hospital, medical, and surgical insurance benefits
    • $300,000 in disability insurance benefits
    • $300,000 in long-term care insurance benefits
    • $100,000 in other types of health insurance benefits
  • Annuities
    • $250,000 in withdrawal and cash values

The maximum amount of protection for each individual, regardless of the number of policies or contracts, is as follows:

  • $300,000 in aggregate for all types of coverage listed above, with the exception of basic hospital, medical, and surgical insurance or major medical insurance
  • $500,000 in aggregate for basic hospital, medical, and surgical insurance or major medical insurance
  • $5,000,000 to one policy owner of multiple nongroup policies of life insurance, whether the policy owner is an individual, firm, corporation, or other person, and whether the persons insured are officers, managers, employees, or other persons

 

Note: Certain policies and contracts may not be covered or fully covered. For example, coverage does not extend to any portion(s) of a policy or contract that the insurer does not guarantee, such as certain investment additions to the account value of a variable life insurance policy or a variable annuity contract. There are also various residency requirements and other limitations under Missouri law.

 

To learn more about the above protections, as well as protections relating to group contracts or retirement plans, please visit the Association’s website at www.mo-iga.org, or contact:

 

Missouri Life and Health                                                               Missouri Department of Insurance,

Financial Insurance Guaranty Association                                      Institutions and Professional Registration

994 Diamond Ridge, Suite 102                                                     301 West High Street, Room 530

Jefferson City, Missouri 65109                                                       Jefferson City, Missouri 65101

Ph.: 573-634-8455                                                                      Ph.: 573-522-6115

Fax: 573-634-8488

 

Insurance companies and agents are not allowed by Missouri law to use the existence of the Association or its coverage to encourage you to purchase any form of insurance. When selecting an insurance company, you should not rely on Association coverage. If there is any inconsistency between this notice and Missouri law, then Missouri law will control.

 

 

Missouri Guaranty Notice