Does SIPC Cover Fixed Annuities?

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    David RacichPRO
    Fountain Hills, Arizona
    SPIC does not cover fixed annuities. Annuities contracts are only as good as the insurance company that issued the annuity policy.There are several rating services that monitor the claims paying ability and/or financial strength of an insurance company. Due care and buyer beware are on the onus of the recommendation of the adviser.
    Answered on July 19, 2013
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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Securities Investor Protection Corporation is involved with traded securities.  A fixed annuity is not a traded security.  A fixed annuity is a contract between you and the insurance company.  Your state insurance commissioner works to make sure that the insurance company keeps all of its promises.  
    Answered on July 10, 2014
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