Know the cost
of changing your plans.
Surrender charges can apply when you end a contract or withdraw more than permitted during a stated period.
Read the schedule before funding the contract.
A surrender charge schedule describes charges over the contract’s surrender period. The period and rates vary. Additional premiums, where permitted, may have their own provisions.
Some contracts permit specified withdrawals without a surrender charge. That does not mean every withdrawal is unrestricted or tax-free. A market value adjustment, bonus recapture, or reduction in benefits may also apply under the contract.
Look at the value available to you.
Account value and cash surrender value can differ. Ask for a clear explanation of the amount you could access under the circumstances you are considering, including the effect on any income rider or death benefit.
If you may need a significant amount during the surrender period, evaluate whether that money belongs in the contract at all.
Annuities are long-term insurance contracts and are not suitable for everyone. Surrender periods, surrender charges, withdrawal restrictions, fees, and tax consequences may apply. Guarantees are subject to contract terms and the claims-paying ability of the issuing insurance company. Product features and availability vary by carrier and state.
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Tell us what matters to you. We’ll begin with your goals, your needs, and the questions on your mind.