Insurance Glossary

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Insurance Term - Surrender Period

A set amount of time during which the policyholder will have to keep the majority of his/her money in an annuity contract is known as a surrender period. Most surrender periods last from 5 to 10 years. Most contracts will allow an individual to take out at least 10 percent of the accumulated value of the account every year, even during the surrender period. If an individual withdraws more than 10 percent, he/she will have to pay a surrender charge on the amount that he/she has withdrawn above that 10 percent.

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