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Annuities are treated similarly to life insurance by each state when it comes to being treated as a protected asset. The main difference is that annuities are designed to pay out a stream of income at some point, whereas a lump sum death benefit is paid with a life insurance policy.

Some states will exempt all the cash built up in an annuity and the annuity stream, and some states will not protect either. Then there are the hybrid states which protect all of one and not the other, or some of each.

Florida, not surprisingly, exempts the cash in an annuity and the stream of income from any annuity. Pennsylvania generally permits the exemption of only $100 per month of the proceeds from an annuity, and North Carolina doesn’t exempt any proceeds that come from an annuity. Some states allow what is reasonably needed to live on as an exemption from an annuity.