Are there circumstances where funds may be withdrawn charge-free?
A. Yes. Our annuities allow you to withdraw a certain percentage from your contract without paying a surrender charge. (IRS penalties still may apply however.) This is known as the charge-free amount and is generally 10% of your cash value. Contact your local office or write us to determine how much may be withdrawn surrender charge-free. In addition, most of our products have a feature called “Critical Care Access”. This allows policyholders to withdraw money from their annuity without a surrender charge if the contract owner is terminally ill or confined to a nursing home. This benefit is available at no additional charge. States vary as to qualifications that must be met before this is available, so consult your Bankers agent for more information. (Critical Care Access is not available in all states.
Related Questions
- Are there any circumstances in which locked-in funds can be withdrawn as a lump sum payment (i.e. hardship or shortened life expectancy, commutation of small amounts of pension benefit credits)?
- Are there circumstances where funds may be withdrawn charge-free?
- What circumstances cause funds to become lost and "Unclaimed"?
