Can Annuities Be Used For Collateral?

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   David RacichPRO

   Fountain Hills, Arizona

   Tax deferred annuities are considered an asset. An annuity policy owner can pledge their annuity policy as collateral. But there are some considerations. Surrendering a non-qualified annuity during the surrender period may incur terminal charges, trigger an ordinary income taxable event from policy gains and penalize the policy owner 10% if they are under age 59 ½.
    

   Answered on July 17, 2013

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