What happens to annuity after surrender period?
By the end of the surrender charge period, your surrender fee percentage will be 0%. At that time you can typically let your money continue to accumulate in the annuity, annuitize your contract, or take your money back in a lump sum.
How do you avoid an annuity surrender charge?
The best way to avoid surrender charges is to wait until the surrender charge period has expired. This is typically several years after you purchase the annuity.
Do all annuities have surrender periods?
Many insurance companies allow annuity owners to withdraw up to 10% of their account value without paying a surrender charge.
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