Insurance companies collect financial information, such as your income, expenses, assets, and net worth, from those interested in purchasing annuities. They use this information to ensure that an annuity makes financial sense for someone. Specifically, since it is illiquid, the insurers want to see that individuals have enough liquid assets outside of those being used to fund the annuity.
If an insurance company goes out of business state agencies work to protect customers and ensure that the maximum amount of claims are paid out. Each state has varying maximums so it’s important to know what these limits are.
For income annuities which provide a lifetime guarantee of income, Blueprint Income only offers products from insurance companies with an A.M. Best rating of A or higher. For fixed annuities with shorter-term guarantees of 3-10 years, Blueprint Income offers products from insurance companies with A.M. Best ratings of B or higher.
The stronger the rating of an insurance company, the more likely it is to repay any outstanding claims it has. Accordingly, an insurance company with an A++ rating has consistent financial performance, a strong corporate and managerial structure, and credible payment history.
Independent agencies, such as A.M. Best and S&P, rate the financial strength of insurance companies on a scale from D to A++. The rating indicates the credibility and ability an insurance company has to repay any claims to customers.
Blueprint Income offers annuities from top-rated insurance companies with long histories of financial strength. We are continually cultivating our relationships with insurance companies and only work with those whose mission aligns with Blueprint Income.
Blueprint Income offers annuities from 30+ insurance companies, including Guardian, MassMutual, Pacific Life, Lincoln Financial Group, Mutual of Omaha, Protective, Minnesota Life, Western & Southern, and more.