Can you help me not to have so much of fees for canceling this agreement? - AgingCare.com

Can you help me not to have so much of fees for canceling this agreement?

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I invested my retirement money with annunity insurance company. I am 80 years old. I am not satisfied with this company. I am wanting to cancell There will be some fees.

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Whatever terms that were within the contract that you signed will be what the situation is. I'd bet that it's the standard of 10% of the invested principal plus fees & expenses to cancel or surrender. The fees & expenses will be somewhat different for a deferred annuity than for an immediate one.

Which type do you have, what is the principal, and what are the fees & expenses breakdown they are telling you.

If you don't need all the $, most allow for a maximum of 10% to be taken out annually without penalty. There will be a fee for this. Could doing a10% work for your needs?

Annuities since they are an insurance product (sold under commission) are under the rules of your states Department of Insurance. If you have a complaint, then send a letter to the insurance commissioner consumer affairs division.

If you don't mind telling, what was the situation for buying the annuity? Like did you go to a retirement seminar you got an invitation to; was it within your exit from the company you worked for; or did your homeowners insurance agent sell you it; how did it happen that you did the annuity and how old we're you?
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I think the best thing would be to consult an eldercare attorney. Was this an annuity where the salesperson gets a large chunk of an upfront fee? Did you have your lawyer look over the contract before you signed it? What aspects are you unhappy about?
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I didn't get my answer. What do I do next?
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