Annuities supposedly backed $ for $. Documented?

Question

I've heard that aa companies are backed 100% or better by aa insurance companies, and no insurance companies failed to pay even during the great depression. How can I get written verification of the safety of annuities?

Answer 1

annuities are not a really good investment option - high fees/expenses and when you die, pmts stop. And if you die early - you wind up losing money - heirs get nothing from the unpaid balance

Answer 2

Any insurance product sold by any insurance company licensed to do business, in your state, is guaranteed by the state insolvency fund.

Go to your state insurance department website to get details.

Note:  INVESTMENTS are NOT guaranteed.  RETURNS are NOT guaranteed.  The part that IS guaranteed, should be spelled out in the contract.