- State Guaranty Association The Louisiana Life and Health Insurance Guaranty Association (contact details are in the national directory at nolhga.com) 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 Louisiana moved to a low flat income tax and offers an annual retirement income exemption for residents 65 and older. Social Security benefits are not taxed. Confirm your specific situation with a tax professional.
- State Insurance Department The Louisiana Department of Insurance regulates annuities sold in Louisiana. You can verify any insurance professional's license through its online license lookup.
- Free Look Period Louisiana generally provides a free look period of at least 10 days for annuity contracts, often longer for replacement contracts. Your contract states the exact period that applies to you.
- Best Interest Standard Louisiana has adopted the NAIC Best Interest standard for annuity recommendations. Advisors recommending annuities to Louisiana residents must act in the consumer's best interest.
Retiring in Louisiana
Louisiana combines a low flat tax with one of the country's lowest costs of living, and its culture needs no introduction.
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.