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I buy a variable annuity?
By The-Adviser.com -
- You generally should not purchase a variable annuity
unless all of the following conditions apply:
If you already own a variable annuity and are considering purchasing a new one - beware that some life insurance companies try to entice you to purchase a second annuity with your existing annuity. If you do this, you generate a commission for the agent and eat into the returns of your first policy.
Also, beware of any attempts to convert your current policy to a new one. Old policies may come with large surrender charges of up to 7% of your original annuity's principal while your salesperson makes a new commission.
Tax law and issues are every changing and is extremely complicated. Even if you are considering purchasing an annuity, you should consult with an independent Fee-Only financial adviser.
Variable annuities may be appropriate for some persons.
For most persons, they are not.
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