Annuities are Insurance
Here is a bit of advice that might make annuities easier to understand:
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Insurance
A contract that involves the insured paying a premium to an insurance company in exchange for protection against the risk of a large loss.
Are "non-qualified deferred annuities" protected from creditors in NY. (In Bankruptcy proceedings.)
Good question.
New York state insurance law does appear to exempt the proceeds of annuity contracts from creditors.
There are, however, clear exceptions to this rule.
Click here to look at the issue in more detail.
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What happens if the The Dollar is abandoned and new currency issued?
An interesting question and a rather extreme scenario I suppose.
As you indicate, the currency can suffer quite a bit of damage through either inflation or deflation.
I am not sure, however, how the contractual obligations would be affected in an insurance or annuity contract if the currency were replaced.
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Should I invest in a variable annuity?
Thanks for reaching-out.
It is generally very difficult if not impossible to provide a simple yes/no answer to this type of question without having much more detail regarding your situation and needs. That said, here are some things to think about:
Glossary:
Companies:
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Rule 151A
Submitted by tom on
A Federal appeals court recently voided Rule 151A.
Rule 151A would have treated indexed annuities as securities and would therefore have shifted responsibility for regulation of indexed annuities from state departments of insurance to the Securities and Exchange Commission (SEC).
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