- State Guaranty Association The Florida Life and Health Insurance Guaranty Association provides limited protection if an insurance company fails. Coverage for annuity benefits is generally $250,000 in present value per contract owner, per insurer. Verify current limits directly with the association. Annuities are not FDIC insured.
- Annuity Tax Treatment Florida has no state income tax, which means annuity income, along with Social Security, pension, and IRA distributions, faces no state income tax at all. This is one reason Florida remains the most popular retirement destination in the country.
- State Insurance Department The Florida Department of Financial Services regulates annuities sold in Florida. You can verify any insurance professional's license through the Department's online licensee search.
- Free Look Period Florida provides one of the longer free look periods in the country for annuities, generally 21 days from delivery of the contract, and an extended 30 days when the annuity replaces an existing contract. Your contract states the exact period that applies to you.
- Best Interest Standard Florida has adopted annuity suitability rules aligned with the NAIC Best Interest standard. Advisors recommending annuities to Florida residents must act in the consumer's best interest.
Retiring in Florida
Florida is home to more retirees than any other state, and annuities are heavily marketed here, which makes independent second opinions especially valuable. We serve Florida clients by phone and video, and our Truth About Annuities webinar was built with Florida retirees in mind.
Learn before you buy
Start with what an annuity actually is, then see how the types differ and which myths to ignore. If someone has already shown you a product, get a free second opinion before you sign.