Business Details
46 Years
experience
Protecting Illinois Policyholders Since 1980
The Illinois Life and Health Insurance Guaranty Association was established in 1980 by the Illinois General Assembly to serve as a critical safety net for residents facing life, health, or annuity insurance company insolvencies. Our organization operates under the Illinois Life and Health Insurance Guaranty Association Act, ensuring policyholders receive statutory protections when member insurers fail. With over four decades of experience, we specialize in transferring policies to solvent carriers, paying valid claims, and maintaining coverage for Illinois residents. Our team of insurance professionals works closely with the Illinois Department of Insurance to uphold statutory obligations while prioritizing policyholder interests.As a non-profit association funded by assessments on solvent insurers, we maintain strict compliance with state regulations and demonstrate our commitment to transparency through publicly accessible resources. Our expertise in navigating complex insurance insolvencies has solidified our position as a trusted authority in protecting Illinois residents' financial security.
Services
Life Insurance Protection
Health Insurance Coverage
Annuity Safeguards
Policy Transfers
Insolvency Assistance
Details
- Year established: 1980
Highlights and features
- We operate under Illinois statutory authority with 40+ years of insolvency protection experience
- Our protections are mandated by state law with clear coverage limits and procedures
- We maintain collaboration with the Illinois Department of Insurance for regulatory compliance
- Our non-profit structure ensures focus on policyholder protection over commercial interests
- We provide transparent resources including statutory coverage details and company information
Services
Life Insurance Protection
We provide statutory protection for life insurance policies up to $300,000 in death benefits. Our team ensures policy continuity when member insurers fail, maintaining coverage for Illinois residents while adhering to strict regulatory guidelines. This protection applies to policies issued by licensed Illinois insurers.
Health Insurance Coverage
Our statutory protections cover health insurance policies up to $500,000 for health benefit plans. We ensure uninterrupted medical coverage for Illinois residents by transferring policies to solvent carriers or maintaining existing benefits when member insurers become insolvent, following state-mandated procedures.
Annuity Safeguards
We protect annuity contracts up to $250,000 in withdrawal and cash values. Our safeguards apply to annuities issued by Illinois-licensed insurers, ensuring policyholders retain access to their investments when member companies face insolvency, as mandated by state law.
Policy Transfers
When insurers fail, we facilitate seamless policy transfers to solvent carriers. Our process maintains original policy terms within statutory limits while ensuring uninterrupted coverage for Illinois residents, working closely with regulatory authorities to protect policyholder interests.
Insolvency Assistance
We provide comprehensive assistance during insurance company insolvencies, including claim payments, policy transfers, and coverage maintenance. Our team works with state regulators to implement statutory protections, ensuring Illinois residents receive mandated benefits during financial crises.
Questions
What protections does the Illinois GA provide for life insurance policies?
We cover up to $300,000 in death benefits and $100,000 in cash surrender values per policyholder.
How do I know if my insurer is covered by the Illinois GA?
Contact the Illinois Department of Insurance to verify if your insurer is licensed in Illinois and part of our member network.
Does the Illinois GA cover health insurance policies?
Yes, we provide up to $500,000 in health benefit plan protections and $300,000 for long-term care coverage.
What happens when my insurance company becomes insolvent?
We may pay valid claims, continue your coverage, or transfer your policy to another solvent insurer as required by law.
Is the Illinois GA a government agency?
No, we're a private non-profit association created by Illinois law to protect policyholders from member insurer insolvencies.
