Illinois Life & Health Insurance Guaranty Association 8420 W. Bryn Mawr Avenue, Suite 550 / Chicago, IL 60631-3404 Home About Us FAQs Receiverships Additional Info Links Terms of Use Contact Us Frequently Asked Questions      Are there any limitations on the Association's obligations? Yes, the Association's obligation is to fulfill the insolvent company's contractual obligations to covered persons up to the following amounts with respect to any one life: Life Insurance Benefits - $300,000 in death benefits per life of each insured (regardless of the number of policies), including not more than $100,000 in net cash surrender and withdrawal values per insured. Health Insurance - $300,000 in health insurance benefits per insured, including any net cash surrender and withdrawal values (regardless of the number of policies). Annuities (other than unallocated annuity contracts) - $100,000 in the present value of the annuity benefits per annuitant, including net cash surrender and withdrawal values (regardless of the number of contracts). Unallocated Annuity Contracts Government retirement plans - $100,000 per participant in present value annuity benefits, including net cash surrender and net cash withdrawal values. Other unallocated annuity contracts - $5,000,000 per contract holder in benefits, irrespective of the number of such contracts held by that contract holder. Combined Aggregate No individual may receive benefits aggregating more than $300,000 from the Association.   NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage.   [ Back to FAQ list ]