WITHDRAWALS

 

 

WITHDRAWAL

 

◘  Withdrawals may be made at any time.

    However, the withdrawal may be subject to surrender charges and if done before age 59½ there will be a 10% IRS penalty.  Some contracts allow an annual 10% withdrawal free of surrender charges.

 

◘  The owner may pre-authorize a systematic periodic withdrawal plan.  The owner of the contract instructs the company to withdraw a percentage or a level dollar amount from the contract on a monthly, quarterly, semiannual, or annual basis.

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