A group payout annuity policy pays a monthly income benefit to each annuitant in the group while the annuitant is alive.
A group payout annuity is a monthly income benefit protected under Assuris protection.
If your life and health insurance company fails, Assuris guarantees that you will retain up to $5,000/month or 90% of your promised monthly income benefit, whichever is higher.
Note: Assuris protection is applied to pre-tax amounts.
Since your monthly income benefit is less than $5,000/month, you will retain your full benefit amount.
Protected benefit amount
Since your monthly income benefit is more than $5,000/month, you will retain 90% of your benefit amount.
($6,500 × 90%)
Adjusted benefit amount
If your group policy is a defined benefit plan, the plan sponsor is considered the covered person. This means that you will retain 90% of your monthly benefit amount.