honestabe
New Member
- 17
I recently placed an annuity application with a large carrier, with benefits FAR outweighing that of the client's current annuity. However, a hyper-sensitive underwriter/review team decided to decline the application, due to there being"no value to the customer" with the replacement, most notably, overcoming the surrender charge. The benefit is VERY clear, in terms of the client's objectives (don't want to get too specific, but even my FMO is befuddled.)
The client is furious, and STILL wants the annuity. In fact, she has another direct rollover (old pension fund with no surrender charges) ready to roll to the same company, for the same product, one she really loves, and is unique to her situation and need. Here's my question...
The client wants to surrender the annuity with their current insurance company, take the funds, and immediately write a new application with the funds. Will the same insurance company typically take and approve the NEW application, since it is technically no longer a surrender?
It will occur within 60 days, so the client WON'T have to pay taxes.
Thanks in advance for your help!
The client is furious, and STILL wants the annuity. In fact, she has another direct rollover (old pension fund with no surrender charges) ready to roll to the same company, for the same product, one she really loves, and is unique to her situation and need. Here's my question...
The client wants to surrender the annuity with their current insurance company, take the funds, and immediately write a new application with the funds. Will the same insurance company typically take and approve the NEW application, since it is technically no longer a surrender?
It will occur within 60 days, so the client WON'T have to pay taxes.
Thanks in advance for your help!