SYRACUSE, N.Y. (WSYR-TV) - A lot of us might have retirement savings in the form of life insurance policies such as whole life and universal life.
What happens if the insurer goes bankrupt?
If the company is in New York State and you bought the policy here, there is protection. It is backed by the NYS Guaranty Fund which will insure the funds in your policy up to half a million dollars.
There is one piece of caution.
All of this is not government backed. It’s not like the FDIC. It’s an entirely different corporation that protects the money.
Financial adviser Rick Reagan says that while the insurance might not be as strong as an insurance as FDIC, it has always made good when there have been problems.
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