Surrender Free Annuity
All deferred annuities come with a surrender period, during which you are charged a fee for any funds withdrawn in excess of your penalty free withdrawal. The charge declines over the years and eventually goes to zero, meaning you have access to all your funds without penalty. Most contracts are open-ended after that but some require you to move the money soon or recommit to a new surrender term.
In this episode, Bryan will take it a step further and explain all products and scenarios. He will give us a clear picture of what a “surrender free annuity” means.
What You’ll Learn from This Episode:
[4:30] Bryan talks about surrender free Annuity
[5:17] What happens to a surrender fee?
[5:40] Surrender period for annuity vs. a Maturity date for annuity
[7:35] For the next ten years, there will be a reset to the current rates subject to a guaranteed minimum
[10:17] You do not automatically enter a new surrender period
[13:34] Generally, a surrender-free means no surrender fee. The contract just stays the same.
[13:57] Surrender free annuity doesn’t end; it only continues
[5:20] “When it comes to a surrender free in most cases, it simply means that you don’t have surrender charges.”
[7:12] “With a contract like traditional fixed annuities, they would spell out your options.”
[10:34] “You can’t just blankly assume that they all work that way. You should know ahead of time what your options are.”
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