Want help with your annuity?

Need help with your annuity?

Have you fallen out of love with your annuity? There are many reasons that you may have changed your mind about your annuity.  What changed? Your interest rate? Your monthly payout? Your principal dropped? Your variable annuity lost money? Your indexed annuity didn’t make as much as you thought it would? Whatever the reason, you may have options to fix your situation and we can help with your annuity.

Initial annuity bonuses can complicate the picture

Frequently, the problem is communication. Sometimes the buyer can be unsure about the details of the annuity and frankly sometimes it’s the agent that is unclear about the complexities of the annuity. Annuities can be very difficult to understand.  They can have special bonus payouts or interest rates in the beginning of the term that makes the annuity very attractive. Many times people think that the introductory rate is the rate for the entire life of the annuity but it will be clearly spelled out in the contract how long the introductory rate lasts. The scheduled change in interest rate may take you by surprise if your agent didn’t explain the bonus rate to you clearly.  If you have questions about the details of your annuity, you can bring it to us and we can explain in plain English exactly what your contract will deliver.

Avoid early annuity surrender charges

Sometimes people are surprised by the surrender charges when they need to make an early withdraw.  Annuities usually allow for up to 10% of the principal to be withdrawn each year without any penalty.  Anything above that is subject to the surrender charges listed in your contract. Your agent should have explained the surrender charge schedule to you before your purchase. They will decline each year over the first few years of the contract until they fade out completely. Sometimes you are better off waiting until your surrender charges are gone or very low before cashing out or transferring your funds to a new annuity. We can help you evaluate your current return along with the surrender charges and compare them to a higher performing annuity.  Together we can pick the time frame that suits you best if you want to exchange your annuity for a better performing one.

Understand how your principal changes

Has your principal dropped unexpectedly?  Maybe you have been surprised by having your monthly payout adjusted downward?  Variable annuities unlike fixed annuities or indexed annuities can lose principal when the market drops. Maybe your interest rate doesn’t completely support your regular monthly payout so you are actually dipping into principal each month. If any of these situations have taken you by surprise, chances are that there wasn’t enough of a clear explanation about what the annuity contract would deliver.  You don’t have to be unsure about the details of the annuity you own anymore. Bring a copy of your contract to us and we can explain it you in a clear understandable way so you know exactly what you have. If aren’t happy with the terms of your contract, we can show you annuity choices that fit your lifestyle better than your old annuity. We can show you exactly home much you have left in surrender charges on your current annuity.  We can also show you how the two annuities compare ( including any surrender charges ) and how your new position can be better than your old one.

Talk with us for a clear understanding of your annuity

We believe that a well educated customer is a happy customer.  We don’t push a product just because it’s the one that the insurance company wants us to push. We are independent agents so we listen to what you want.  Tell us what your goals are, tell us what your concerns are. Since we have have hundreds of products in our portfolio, we can show you which annuities will be best for your particular situation and long term financial health.

Call us now for a free review of your annuity