Annuity Companies
How do annuity companies get away with terribly high surrender charges ?
Agents tell prospects that they can protect assets if they require nursing home care for extended periods. They also deduct the surrender charges when the annuitant dies.
Being a financial planner for 9 years now, I have handled alot of annuities for clients. While the surrender charges can be substantial in the early years, I have never encountered an annuity that had a nursing home clause that did not waive the surrender charge in that event. Also, I have never heard of a contract that would assess a surrender charge on death benefits.
Also, as competition has increased over the years, annuities have become more client friendly with shorter surrender periods and better guarantees.
Financial Planning: Annuities : Top Annuity Producers
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