http://www.businessweek.com/stories/2003-01-26/table-look-carefully-before-you-leap

Magazine

Table: Look Carefully before You Leap


Dumping a policy can be costly. Here are some things to consider before you take that step:

AGE

The older you are, the costlier the new coverage. In some cases, you might be denied.

HEALTH

If you have severe health problems, you might be denied new coverage altogether.

SURRENDER CHARGES

Cashing in the policy or annuity may trigger penalties.

TAXES

If your policy has accrued cash value, you will have to pay taxes if you withdraw it. In addition, you may be hit with a 10% IRS penalty.

WITHDRAWALS

With annuities, take advantage of the option that permits annual withdrawals of 10% to 15% without paying a surrender charge.


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