Annuities in Maryland
Learn the basics of fixed and fixed indexed annuities in Maryland: who oversees annuity sales, how the free-look period works, what the state guaranty association is and which questions to ask before you buy. This page is general education. Laws, limits and taxes change often, so a licensed professional can go over what applies in Maryland today.
Good to know: this page is general education, not tax, legal or financial advice. Laws and taxes change often, and this page was last reviewed October 28, 2026. For the current rules in Maryland, book a call and a licensed professional can go over what applies today.
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Licensed professionals can only help people in states where they are licensed. The licensed partner confirms whether it can help you in Maryland when you reach out.
Here is general background on six topics that come up with fixed and fixed indexed annuities in Maryland, gathered from public sources as of October 28, 2026. Laws and limits change, so treat these as a starting point and confirm the current details before you decide anything.
Maryland's disclosure rules refer to an unconditional refund period of at least 10 days for annuity contracts. Replacement transactions carry a 30-day right to return the contract. Confirm the exact period that applies on your contract.
Source: COMAR 31.15.04.05; COMAR 31.09.05
Maryland has adopted the 2020 NAIC suitability model revisions. Producers must act in the consumer's interest when recommending an annuity, and producers must complete an annuity training course. The regulation took effect October 8, 2022.
Source: COMAR 31.09.12
Maryland Life and Health Insurance Guaranty Corporation: $250,000 in present value of annuity benefits, including net cash surrender and net cash withdrawal values, for any one life, subject to the statute's aggregate per-life limit
Coverage has limits and conditions and applies only if an insurer becomes insolvent. It is not a reason to buy an annuity and does not replace checking an insurer’s financial strength. See current details at the association’s website.
Source: Md. Code Ann., Ins. §9-407(k)(3)
How annuity income is taxed in Maryland depends on current state and federal law and on your own situation, and tax rules change often. AnnuityTown does not give tax advice. A tax professional can tell you what applies to you.
Whether an annuity is protected from creditors in Maryland depends on current law and the facts of each situation. AnnuityTown does not give legal advice. An attorney licensed in Maryland can tell you what applies to you.
Maryland Insurance Administration licenses insurance professionals, oversees insurers and handles consumer complaints in Maryland.
Visit the Maryland Insurance Administration or call 1-800-492-6116.
A licensed professional should answer these clearly. You never need to decide during the first conversation.
Ask what it costs to take money out early, and how much you can withdraw each year without a charge.
For a fixed annuity, ask how long the rate is set. For a fixed indexed annuity, ask about caps, participation rates and spreads.
Write down the date. Maryland law gives you a set number of days to review the contract and return it.
Guarantees depend on the issuing insurer’s claims-paying ability. Ask about the insurer’s financial strength ratings.
Ask how federal and state taxes apply to your situation, and check with a tax professional.
Annuities are not insured by the FDIC. If the insurer that issued your annuity becomes insolvent, the Maryland Life and Health Insurance Guaranty Corporation may provide limited coverage of up to $250,000 in present value of annuity benefits, subject to conditions and limits. That coverage is not a substitute for reviewing an insurer's financial strength. This is general information as of the last review, and laws and limits can change.
How annuity income is taxed in Maryland depends on current state and federal law and on your own situation, and tax rules change often. AnnuityTown does not give tax advice. A tax professional can tell you what applies to you, and a licensed professional can explain how annuities generally work.
Maryland's disclosure rules refer to an unconditional refund period of at least 10 days for annuity contracts (COMAR 31.15.04.05). Replacement transactions carry a 30-day right to return the contract (COMAR 31.09.05). Confirm the period on your contract. This is general information as of the last review, and laws and limits can change.
Whether an annuity is protected from creditors in Maryland depends on current law and the facts of each situation, and these laws change. AnnuityTown does not give legal advice. An attorney licensed in Maryland can tell you what applies to you.
The Maryland Insurance Administration regulates insurers and producers in Maryland. Its toll-free consumer line is 1-800-492-6116, and its website is insurance.maryland.gov. This is general information as of the last review, and laws and limits can change.
This page is for general educational purposes only. AnnuityTown is not a law firm, tax advisor, financial advisor or insurance company, and nothing on this page is legal, tax, investment or insurance advice or a recommendation. State laws, limits and tax rules change often, and this page is not updated continuously, so it may not reflect current law (last reviewed October 28, 2026). Do not rely on it to make a decision.
Before you act, confirm the current rules with your contract, the Maryland Insurance Administration, a tax professional or an attorney. A licensed professional with the licensed partner can also go over the current rules for Maryland on a call.
Rules change often, so you do not have to keep up with them alone. A licensed professional can go over the current rules in Maryland and the fixed and fixed indexed annuities you are considering. For personal tax or legal advice, talk with a tax professional or attorney. The licensed partner confirms whether it can help in Maryland.
*AnnuityTown is paid per qualified lead by the licensed partner company it connects you with.