Buying an annuity in New York is easy. There are many insurance companies licensed within the state for you to choose from, and because getting a life insurance sales certification in New York State requires perhaps the most intensive training of any state, you can be certain that your sales agent knows what they are doing.
In New York, as with all other states, the insurance company must belong to the state Guaranty Association. It is illegal for any company to advertise this, however, because of the fact that potential customers might believe that there is an affiliation or that the guaranty association promotes one company over another. All insurance companies must belong to the state’s particular Guaranty Association, but the Guaranty Association does not promote any one agency. Instead, their purpose is to make sure that the company will remain solvent with a checkup on every insurance company within the state at least once per year.
In the event that a New York life insurance agency goes under, the New York Guaranty Association will protect your annuity up to a total of $500,000. The national minimum is $100,000, but New York boasts the greatest amount of guaranty insurance of any state in the U.S.