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All states have funds set aside to cover the situation of an insurance company failure and so far they claim no one has ever failed to receive a payment.

There is always a first time.

Many states are having problems making budget and funding their own pensions. Who is to say they'll not just settle for pennies on the dollar. IIRC, this happened to some pilot's pension years ago.

Personally, instead of an annuity, I'd just ladder CDs. FDIC insured. If the government goes bust, we have more serious problems afoot.

JLC
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