Who Insures Annuities? 
Annuities are backed by the full faith and credit of the issuing life insurance company . These companies are subject to state regulations . The commissioner in your state works to make sure that every annuitant receives every penny that was guaranteed by the annuity . Annuities can have different types of investment portfolios until the time that they start paying a lifetime income . At that point it is the full faith and credit of the company and they will direct the investments subject to law . 