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.
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?
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?
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?