No. of Recommendations: 1
Respecfully I disagree.

Lehman Bros. bondholders will likely get zip.

The 100K limit (Florida) is per company so a risk averse annuity purchaser could buy a 100k annuity from multiple companies.

In reality there are costs involved with this strategy.

A collalary strategy would be to buy from higher rated insurers.

It is an erroneous comparison to equate the risk of a buying a bond with the risk of an annuity purchase. The default rate of bonds is much higher plus there is no state insurance at all on a bond default.

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