Additional limited guarantee
If your insurance company fails, the maximum amount of protection provided by Iowa Life & Health Insurance Guaranty Association (FAQ) for fixed accounts that are guaranteed by general assets of the insurance company is $250,000. This is the case for fixed accounts offered by AIG, Horace Mann, Empower (formerly MassMutual Retirement), and Voya
With regards to funds held in an insolvent insurance company’s separate account, loss of those funds would not be covered by the Guaranty Association. It should be recognized that funds in the insolvent insurance company's separate account are not subject to the claims of the insolvent insurer’s creditors, and therefore it is anticipated the values in that account would not be affected by the insolvency of the insurer. A separate account may increase and decrease in value because of the performance of an external reference or product, but it is not affected by the solvency of the insurer’s general account. This is the case for separate accounts offered by Horace Mann.