Annuities in Virginia
Learn the basics of fixed and fixed indexed annuities in Virginia: 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 Virginia 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 Virginia, 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 Virginia when you reach out.
Here is general background on six topics that come up with fixed and fixed indexed annuities in Virginia, 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.
Virginia does not provide a general return period for new individual annuities, according to the NAIC summary. When an annuity replaces another contract, the owner has 10 days after delivery to return it.
Source: 14 VAC 5-30-51; 14 VAC 5-41
Yes. Virginia adopted the best interest standard for annuity sales, effective September 1, 2021. Producers must act in your best interest before recommending an annuity.
Source: Virginia Administrative Code, Title 14, Chapter 45, as listed in the NAIC state adoption chart
Virginia Life, Accident and Sickness Insurance Guaranty Association: $250,000 in present value of individual annuity benefits, including net cash surrender and net cash withdrawal values, per owner. Total benefits for one life across most coverages are capped at $350,000
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: Va. Code §§ 38.2-1700 to 38.2-1721
How annuity income is taxed in Virginia 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 Virginia depends on current law and the facts of each situation. AnnuityTown does not give legal advice. An attorney licensed in Virginia can tell you what applies to you.
Virginia State Corporation Commission, Bureau of Insurance licenses insurance professionals, oversees insurers and handles consumer complaints in Virginia.
Visit the Virginia State Corporation Commission, Bureau of Insurance or call 800-552-7945.
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. Virginia 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, and contract guarantees depend on the issuing insurer's claims-paying ability. If an insurer becomes insolvent, the Virginia Life, Accident and Sickness Insurance Guaranty Association may provide limited coverage of up to $250,000 in present value of individual annuity benefits per owner. That coverage has conditions and limits, so it does not replace a review of the 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 Virginia 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.
Virginia does not provide a general return period for new individual annuities. When an annuity replaces another contract, the owner has 10 days after delivery to return it. Check your contract for the exact return instructions and the refund terms. This is general information as of the last review, and laws and limits can change.
Whether an annuity is protected from creditors in Virginia depends on current law and the facts of each situation, and these laws change. AnnuityTown does not give legal advice. An attorney licensed in Virginia can tell you what applies to you.
The Virginia State Corporation Commission's Bureau of Insurance regulates insurers and producers who sell annuities in the state. Consumers can call the bureau toll-free at 800-552-7945. 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 Virginia State Corporation Commission, Bureau of Insurance, a tax professional or an attorney. A licensed professional with the licensed partner can also go over the current rules for Virginia 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 Virginia 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 Virginia.
*AnnuityTown is paid per qualified lead by the licensed partner company it connects you with.