(MONEY Magazine) – From personal experience I can verify the accuracy of February's Editor's Notes, pointing out flaws in "the state-by-state patchwork of guarantees" that is supposed to protect customers of failed life insurance companies. In December 1990, I purchased three annuities with Fidelity Bankers Life totaling $33,000, with an interest rate of 8.5%. These annuities allowed me to cash out each year on the anniversary date of purchase with no surrender charges. Withdrawal at any other time would have cost me 5% the first year and less in succeeding years. In September 1991, Fidelity was taken over by the State of Virginia. I have been informed that my annuity will be transferred to Hartford Insurance Co.; it will now have a surrender charge starting at 7% (not 5%), and the agreement calling for no surrender charge on an anniversary-date cash-out will be rescinded. To avoid surrendering part of my money, I will have to keep my annuity with Hartford for a minimum of five more years, possibly 10 (the firm has not determined which). Also, Hartford will not give me credit for my two years with Fidelity. Moreover, the interest rate has been reduced from 8.5% to 4.5% and may go as low as 3%. If I don't like their terms, they "graciously" say, I can cash out immediately. But if I do that, I will receive only 85% of my money. I am fighting this rip-off. John D. Condon Omaha

Every state insurance commissioner should receive a copy of your Editor's Notes fighting for policyholders. A problem, however, is that the state commissioners of insurance are political appointees, who sometimes come from and go back to work for the very insurance companies they are supposed to regulate. William Papier Columbus, Ohio

You say that until "dependable protection is in place, life insurance customers should not believe for one minute that their insurers will stand behind any of their promises." How can you imply that every insurer's promises are lies? Joel A. Langdon Mount Joy, Pa.