Guaranteed Interest Account
A Guaranteed Interest Account (GIA), also known as an Accumulation Annuity, is a deposit type product that offers a range of holding periods, from one to five or more years, during which the posted interest rate is guaranteed. GIAs are offered by insurance companies and operate similar to a Guaranteed Investment Certificate (GIC). Because they are offered by a life insurance company they have different guarantees, and the added benefits of a beneficiary designation and potential creditor protection. GIAs, unlike GICs, which are federally-guaranteed only for five years, may be offered for longer terms.
GIA's are guaranteed in the event of issuer insolvency by Assuris. If your life insurance company fails, your Accumulation Annuity policy will be transferred to a solvent company. On transfer, Assuris guarantees that you will retain 100% of the Accumulated Value up to $100,000.
- Assuris - Accumulation Annuity Protection, viewed November 17, 2012.