A fee imposed for terminating an annuity contract prior to its maturity.
A penalty paid by the certificate owner for voluntary termination of a back-end loaded life insurance or annuity certificate during its surrender charge period. The amount of the surrender charge is deducted from the account value and resulting cash surrender value is paid to the certificate owner. For annuity products, the annuitant will never receive less than the principal minus any withdrawals upon surrender.
The expenses charged when a policyholder surrenders a policy for its cash value.
Option of withdrawing your money from a whole, universal, or variable universal life insurance policy. When you withdraw funds, you pay a surrender charge for early withdrawal. The fee is expressed as a percentage of the amount of the amount withdrawn.
a back-end load that a life insurance policy owner may be required to pay in the form of a reduced policy cash value if the policy cash value of the policy owner surrenders his or her life insurance policy after only a few years
a fee assessed by Western United Life Assurance Company when policy owners withdraw funds from an annuity in the early years after issue
a fee that you pay if you sell an annuity contract within a certain number of years
a penalty an investor will be assessed for departing an EIA early
a type of sales charge that compensates the financial professional who sold the variable annuity to you
a type of sales charge you must pay if
The charge that may be deducted if all or a portion of an individual's account value is surrendered during the Accumulation Period. For life insurance products, the charge is deducted from cash value for a specified period of time.
A fee charged when the policy is surrendered.
A cancellation charge associated with some non-term life insurance policies that the policy holder pays to the insurer. They are usually expressed as a percentage of the initial payment or the cash value of the policy.
The cost to a contract owner for early redemption of a contract. This charge usually is not applied after the contract is 5 to 7 years old.
This is an expense charge imposed when a policyowner terminates their Universal Life or Variable Universal Life contract within a specific time called the surrender charge period. A policy's surrender charge period can be found in the terms of the contract. ()
A fee imposed on a policyowner when a life insurance policy or annuity is terminated for its cash value. (See: cash value.)
An amount deducted from the accumulation value of an accumulation-type product to yield its cash surrender value. These charges, typically found in the first 7 to 15 policy years, enable the insurer to cover a portion of unrecouped issue costs on policies that surrender early. Interest credits are based on the higher accumulation value in the early years, which benefits the long-term, persisting policy.
A penalty imposed by the insurer upon withdrawal of funds from an annuity certificate during the surrender period specified in the certificate. The surrender charge generally decreases each year during the surrender period. Also known as Withdrawal charge.
The fee an insurance company would assess against the cash value of a life insurance policy if the owner were to surrender the policy. The amount of the surrender charge will usually be highest in the first year of a policy and decreases over time until eventually it is zero.
An amount charged to an annuity contract owner when he prematurely withdraws a portion or all of the contract's accumulated value (over any penalty free amount). Also known as back-end load, contingent deferred sales load, and withdrawal charge.
Fee charged by the insurance company for cashing out early. Usually applies during the first 7 -10 years of the investment. Same as Back-End Charge.
an amount retained by the issuer of a life insurance policy when a policy is cancelled, typically assessed only during the first five to ten years of a policy.
Expressed as a percentage of assets, this is the charge that the insurance company assesses clients when they surrender all or part of their contract; is similar to a CDSC.
The fee charged for the withdrawal of funds from an investment.
The amount charged to an account if/when the contract is surrendered. (Also referred to as a deferred sales charge.)
The fee charged to a policy owner when a life insurance policy or annuity is surrendered for its cash value. The owner's cost of an asset for income and estate tax purposes as determined under the Internal Revenue Code and IRS regulations.
Typically applicable to adjustable life, indexed universal life, and variable universal policies, a generally declining schedule of charges against the cash value may be imposed on the policy for a certain number of years from policy inception if the policy is surrendered, the death benefit is reduced, or in some instances, the surrender charge is taken into account in the monthly calculation to determine if the policy is still in force.'
A charge imposed on the contract owner for withdrawals from the contract before the end of the surrender charge period. The surrender charge period typically is five to seven years.
fee imposed for cashing out an annuity contract during the penalty phase. Our 4 active providers have no surrender charges. Penalty-free withdrawal amount if you are still in the surrender penalty phase of your investment, you usually have the option of moving a portion of your account each contract year, generally around 10
(1) An amount charged to an annuity contract owner when he prematurely withdraws a portion or all of the contract's accumulated value. Also known as back load, contingent deferred sales load, and withdrawal charge. (2) Expense charges imposed on some types of life insurance policies when the policyowner surrenders the policy.
(1) Expense charges sometimes imposed when a policyowner surrenders a universal life policy. (2) A charge imposed if the contractowner surrenders a deferred annuity policy within a stated number of years after it was purchased.
A charge made for a partial or full withdrawal from an annuity contract before the annuity starting date; often scales down over time.
A charge for withdrawals from an annuity contract before a designated surrender charge period, usually from five to seven years.
(1) An amount of money deducted from a policy's reserve to arrive at the policy's cash value. (2) The expense charges applied when the owner of a back-loaded policy surrenders the policy for its cash value.