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Annuity Investors Must Guard against Switching Products
BE ADVISED: Beware of being churned from one annuity to another. These "1035 exchanges" may serve only your insurance agent's or broker's interest and not your own. That's because of the hefty 6% to 7% upfront commissions that they receive.
If a switch is recommended, ask these questions:
Why is the exchange being made?
Who's pitching the switch?
Are there any surrender charges that I must pay?
Is my surrender period about to end?
What's the track record of the proposed annuity versus the one I own now?
Are there any special deals enticing me to switch, which usually are a bad sign?
Source: Wall Street Journal
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