How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 10331
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Type Your Finance Question Here...
Megan C is online now
A new question is answered every 9 seconds

can you break a "Single Premium immediate Annuity contract

Resolved Question:

can you break a "Single Premium immediate Annuity contract?
Submitted: 4 months ago.
Category: Finance
Expert:  Megan C replied 4 months ago.

Megan C :

Thank you for your question. My name is XXXXX XXXXX X will be happy to help you.

Megan C :

How are you today?

Customer:

fine thank you

Megan C :

I hate to be the bearer of bad news, but typically you cannot get out of annuity contracts. Whether or not you can, depends on how the annuity is written up. Each annuity is different, and The Standard has tons of annuities

Megan C :

You would need to contact them and inquire about a "surrender" of the annuity

Megan C :

It's most likely that they will not allow it, and if they do, there will be stiff penalties and surrender charges levied so it will be a very expensive thing to do

Customer:

I read that there would be big penalties but that it can be broken..

Customer:

do you think I need to build a case for it to be broken?

Megan C :

No, if it's allowed to do you do not owe them any explanation for why you are doing so

Megan C :

Simply tell them you want to surrender the investment, and go from there.

Customer:

I only read that online...it says nothing in the contract with them.

Megan C :

You would have to read the fine print of the contract. There should be a section in there about surrender

Customer:

yes I will do that, should i have a lawyer contact them? would it be more effective?

Megan C :

If you want an attorney, I would start with simply having an attorney look over the contract. They should be able to quickly tell you if you can get out or not. If you can, you don't need their help to do so you can do it yourself.

Customer:

there is no section about surrender in the contract and they won't send me the paper where the person I am representing signed it...I also sent them the power of attorney stamped forms

Megan C :

You may have to get an attorney involved then, if they are not cooperating with document requests

Customer:

I did have my attorney look at it and he could not tell anyhting either so he gave it to someone else...

Customer:

I cannot wait anymore

Megan C :

It's likely that they are going to say that you cannot surrender, and so you will need to find in the contract where you can.

Megan C :

It's very hard to get out of these things.

Customer:

but do you think it's better to have a lawyer do it then myself

Customer:

or should i start with myself?

Megan C :

I would start with yourself just because an attorney is an added expense. Give it a week to 10 days, and if you're not getting anywhere, then get an attorney to help you

Customer:

OK thank you

Customer:

I guess there is nothing more to ask

Megan C :

You're welcome

Megan C :

I'm truly sorry I didn't have the answers, but the answers lie in the contract and paperwork. I wish you the best, XXXXX XXXXX hope it all goes well for you

Customer:

have a good day!

Megan C :

If no further questions, please rate positive

Megan C :

so that I may receive credit for assisting you todya

Customer:

I will , thank you!

Megan C :

You're welcome!

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 10331
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and 3 other Finance Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1885
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1885
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    1853
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 8
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    CPA, CMA, CFE

    Satisfied Customers:

    1051
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg JKCPA's Avatar

    JKCPA

    CPA

    Satisfied Customers:

    836
    Bachelors degree and CPA with Accounting experience.
  • http://ww2.justanswer.com/uploads/starside8/2010-2-16_55433_DSCN1175.JPG Eric's Avatar

    Eric

    Financial Manager

    Satisfied Customers:

    558
    Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    394
    Intuit Ask a Tax Expert. QuickBooks Certified Pro Advisor (all editions)
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    313
    NASD Licensed Rep, 1997-2001, Business Attorney