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What are Annuity surrender charges?SummaryIn this 0:27 Annuities Explained YouTube Short, Jeffrey Scott McLeod, LUTC, covers “What are Annuity surrender charges?.” The National Association of Insurance Buyers Guide says most annuities have charges related to the cost of selling or servicing it. These charges may be subtracted directly from the contract. If you need access to your money, you may be able to take all or part of the value out of your annuity at any time during the accumulation period. If you take out part of the value, you may pay a withdrawal charge Insurance education only—not securities advice. Key takeaways
From the NAIC Buyer’s GuideYou usually have to pay a surrender or withdrawal charge if you take some or all of your money out of a deferred annuity during a stated period. Some contracts allow a limited free withdrawal each year (for example, 10% or less of account value). Fees, surrender charges, and any market value adjustment can reduce what you receive. Read the contract for how charges work in your state. The 2022 NAIC Buyer’s Guide for Deferred Annuities explains that an annuity is a contract with an insurance company. With an annuity, the insurer promises to pay income on a regular basis for a period you choose—including the rest of your life. Source: NAIC Buyer’s Guide for Deferred Annuities (2022). The guide does not endorse any company or policy. For your state insurance department, see www.naic.org. Questions about fixed index annuities? Call or text 501-658-9882 · Book a time on the calendar Insurance-only disclaimer Jeffrey Scott McLeod, LUTC, is a licensed insurance producer. Content on this page is educational and discusses insurance products only—not securities, brokerage, or investment advisory services. Texas license 901162. Arkansas / National Producer Number 558629. Product availability, rates, and features vary by state and insurer. Read the NAIC Buyer’s Guide and the insurance contract before you buy. More videos |
Jeffrey Scott McLeod, LUTC — Licensed insurance producer. Texas license 901162. Arkansas / National Producer Number 558629. Insurance products only; not securities or investment advisory services.
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