- State Guaranty Association The Missouri 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 Missouri fully exempts Social Security benefits and offers exemptions for public pension income, while other annuity and retirement income is generally taxed at the state's declining rates. Confirm your specific situation with a tax professional.
- State Insurance Department The Missouri Department of Commerce and Insurance regulates annuities sold in Missouri. You can verify any insurance professional's license through its online license lookup.
- Free Look Period Missouri 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 Missouri has adopted the NAIC Best Interest standard for annuity recommendations. Advisors recommending annuities to Missouri residents must act in the consumer's best interest.
Retiring in Missouri
Missouri's income tax rates have been falling for years, and its full Social Security exemption improved the picture further for the state's retirees.
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.