Annuity
 

 

WHAT ANNUITY QUESTIONS SHOULD I ASK MY AGENT OR THE COMPANY?

  • Is this a single premium or multiple premium contract?
  • Is this an equity indexed annuity?
  • What is the initial interest rate and how long is it guaranteed?
  • Does the initial rate include a bonus rate and how much is the bonus?
  • What is the guaranteed minimum interest rate?
  • What renewal rate is the company crediting on annuity contracts of the same type that were issued last year?
  • Are there withdrawal or surrender charges or penalties if I want to end my contract early and take out all of my money? How much are they?
  • Can I get a partial withdrawal without paying surrender or other charges or losing interest?
  • Does my annuity waive withdrawal charges for reasons such as death, confinement in a nursing home or terminal illness?
  • Is there a market value adjustment (MVA) provision in my annuity?
  • What other charges, if any, may be deducted from my premium or contract value?
  • If I pick a shorter or longer payout period or surrender the annuity, will the accumulated value or the way interest is credited change?
  • Is there a death benefit?  How is it set? Can it change?
  • What income payment options can I choose?  Once I choose a payment option, can I change it? Annuities definition