Comments on: Flexible Premium Deferred Varible Annuity?

By: Jennifer

Jennifer — Wed, 01 Apr 2009 03:56:59 +0000

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References :

By: Al

Al — Wed, 01 Apr 2009 03:17:59 +0000

The insurance company will NOT keep the lump sum. That only happened in the old annuities when a person annutized (started taking periodic monthly payments) most annuities now have a death benefit option because no one in their right mind would put a huge lump sum of money in them with the possibility of losing it all if they died the next day. They now work like life insurance policies to an extent.
To answer your question, you have to find out how long she has had it and how many years the surrender charge is on the policy. The penalty for early withdrawl will reduce each year until there is no surrender charge. You have to weigh the options and decide whats more important, losing the house or taking a 10% penalty for withdrawl.
References :
Financial Rep

By: mbrcatz17

mbrcatz17 — Wed, 01 Apr 2009 03:10:59 +0000

Likely not – that's the whole point of an annuity – the insurance company keeps the lump sum. It's NOT a savings account with systematic withdrawal.

She'll need to read the paperwork, or have someone read it for her, and/or talk to her agent.
References :
agent, 21+ years