What happens if I surrender my annuity?

Surrendering an annuity, particularly during the policy's first five to seven years, will result in surrender fees. The surrender fee can be as high as 15 percent. Check your policy on exactly how much those fees will be. There could be other charges involved, too, including a 10 percent penalty for early withdrawal if your policy has tax-savings provisions.

Read the fine print in your policy. It should tell you how much it will cost you to get out of your annuity.

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Here's more information on getting out of your annuity.