Can You Cancel Annuities?

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   David RacichPRO

   Fountain Hills, Arizona

   Yes you can cancel an annuity during the free look period. You can cancel an annuity during the surrender period, but the surrender charges may be punitive, as well as trigger an ordinary income tax event if there is gain on the contract. In addition, if you’re under 59 1/2, you will also pay a 10% penalty.
     

   Answered on July 1, 2013

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