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Annuityville Horror Stories
MarketWatch Link to more items from this source
[Opinion]
Aug. 21, 2013

"The average annual fee on a load variable annuity (including riders) is typically around 3%. But with the 'oversight' fee added to the 3.9% policy charge, Hank's annual fees on the total asset amount was 5%, which adds up to a whopping $51,000 per year.... To surrender the policy in full would cost Hank over $80,000. Because of the high surrender charges, there is really nothing Hank can do except take out 10% of his money via the penalty free withdrawal clause, not the happiest of options. You can't make this kind of horror up."

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