Flexible premium variable annuity?
My mother has a large sum of money in a flexible premium annuity deferred variable, is there any way to she can get a lump sum tha money to reinvest in a smaller house and pay off part of your debt? She is willing to claim bankrupsy! Are there other options for her?
Most annuities allow you to take 10% penalty-free each year. I'm very confident that with variable annuities, because only support fixed. But all annuities have a delivery option which can be waived at any time, but I'm sure that incur penalties. You'll have to call the company and see: 1. Do you allow any penalty free withdrawals each year 2. What is the surrender penalty to withdraw all the money. 3. Do allowed to remove anything for "emergency" as a claim bankrupsy.
1973 Aetna Variable Annuities”Piggy Bank” Commercial
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