1-800-247-1423 Annuity Disclosure S-2025

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Read your annuity contract carefully when you receive it. Ask your insurance agent or insurance company to explain anything you do not understand. If you cannot get answers to your questions, call the Office of the Commissioner of Insurance (OCI) at 1-800-236-8517.
4 ways to get out of an annuity Pay the surrender charge. Most annuity companies allow you to cash out, or surrender, the contract for its current value, or withdraw a portion of the accumulated funds before income payments begin. Withdraw options. 1035 exchange. Sell a portion of your payments.
Can I cancel my retirement annuity and get my money back? If you cancel your retirement annuity before age 55, you cannot access the funds as they remain preserved for retirement. Cancelling can also incur fees, and your contributions are kept invested for your long-term retirement income.
The disclosure obligation under subsection F of this section requires that before or at the time of the recommendation or sale of an annuity, the producer shall have a reasonable basis to believe the consumer has been informed of various features of the annuity, such as the potential surrender period and surrender
Withdraw options Some annuities offer limited withdrawal provisions that allow you to take out a portion of your money penalty-free. These are often capped at a specific percentage of the account value each year typically 10 percent or a flat dollar amount.
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If you receive retirement benefits in the form of pension or annuity payments from a qualified employer retirement plan, all or some portion of the amounts you receive may be taxable unless the payment is a qualified distribution from a designated Roth account.

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