1) At maturity, I assume one could do a 1035 Exchange to another company if necessary. I would plan to obtain the best available SPIA at some point. (I assume it's doable)
2) What happens if you move to a different state in terms of insurance protection? The Florida Insurance Guaranty Association insurance carrier insolvency, but only for Florida residents.
Florida statue 631.695 states:
If the insurance company were covered in your new State, could that get you coverage there? (no idea)“Covered claim” means an unpaid claim... if such insurer becomes an insolvent insurer and the claimant or insured is a resident of this state at the time of the insured event
If I maintain my drivers license/voting record/declaration of domicile in FL at least until the MYGA matures and I could transfer it, would that mean I am resident (I assume yes as all you need to prove residency to the Florida Property Appraiser’s office for purposes of obtaining the Homestead exemption is a FL DL and having all vehicles titled in FL).
Actually, even without moving this is a concern as an expat. I spend much more time in FL now than anywhere else in the US, but do live overseas.
3) Does the Florida Insurance Guaranty Association insurance claim limit (if insurer goes under) of $300,000 per claim allow you to have more than one policy that is insured? (I assume you can)
https://figafacts.com/frequently-asked-questions/
Discussion on what constitutes a claim
https://casetext.com/case/florida-ins-g ... sNav=false
I am not looking for legal advice. I know I could see a lawyer but the advice has always been that absent clear rulings it's only a guess. Just trying to find out if anyone has familiarity here.