Can You Replace Annuities to Lower Fees?

About this episode

Shawn Plummer discusses the challenges of replacing annuities to lower fees and the criteria insurance companies use to evaluate such transfers.

Are you stuck in an old variable annuity paying 3% to 4% in annual fees, and you want to roll your money over to a cheaper contract? Before you initiate the transfer, you need to know that your application might actually get rejected! In this video, Shawn Plummer from The Annuity Expert answers whether you can replace an annuity simply to lower your fees. The straightforward answer? No, lowering fees is usually not a good enough excuse for an insurance company to approve the transfer! Shawn gives a candid breakdown of how a carrier's "Suitability Team" evaluates your rollover. Their job is to ensure you are entering a mathematically and structurally better position. If you want to escape high fees, Shawn reveals the exact arguments you need to use to get your transfer approved. He explains how to frame your replacement around gaining principal protection, securing higher upside potential, or acquiring a better lifetime income rider. He also breaks down the strict transfer rules you must follow, including the 3-Year Rule, the 2% Maximum Loss limit, and how to use a premium bonus to completely offset your old surrender charges! 📖 Stop overpaying for your contract! Read our…

People in this episode

Host: Shawn Plummer

Topics covered

• annuities
• fees
• insurance
• rollover
• financial advice

Keywords

• annuities
• transfer
• fees
• insurance company
• suitability
• principal protection
• lifetime income rider

Mentioned in this episode

Organizations: The Annuity Expert

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