Maine Life & Health Insurance Guaranty Association PO Box 881 / Boothbay Harbor, ME 04538 Home About Us FAQs Receiverships Additional Info Links Terms of Use Contact Us Frequently Asked Questions      Are all policies fully protected? Not always. If your insurance company fails, the current maximum amount of protection provided by the Maine guaranty association for each type of policy, no matter how many of that type of policy you purchased from your company, is: Life coverage each life: - $300,000 in life insurance death benefits but not more than $100,000 net cash surrender and net cash withdrawal value for any one life Health coverage each life: - $300,000 for health not defined as basic hospital, medical or surgical insurance or major medical, including any net cash surrender and net cash withdrawal values - $300,000 disability and long term care - $500,000 for basic hospital, medical or surgical insurance or major medical insurance Annuity coverage each life: - $250,000 (present value) of annuity benefits, including net cash surrender and net cash withdrawal values Maximum obligations: - $5 million dollars in benefits, regardless of the number of policies and contracts held by the owner, with respect to one owner of multiple nongroup policies of life insurance, whether the policy owner is an individual ,firm, corporation or other person , and whether the persons insured are officers, managers, employees or other persons   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 ]