Annuity glossary
Free Withdrawal Provision
A contract feature that lets you take out a set portion of your annuity's account value each year, even during the surrender period, without triggering surrender charges. Amounts above the free withdrawal limit are penalized. It provides limited liquidity while the annuity is still inside its penalty window, though taxes may still apply. The contract explains the calculation, timing, exceptions, and owner choices that apply.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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