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There are a lot of advantages for the investor who purchases a variable annuity, though there are a lot of risks associated with it as well. It is therefore advisable for the individual to ask as many questions as possible about this type of investment before choosing to purchase it.

Most insurance company usually give investors a period of up to ten days within which they can terminate their contract if they do not think that the terms are favorable. Withdrawals can be made within this period without any surrender charges being imposed on the withdrawals. It is important to check the terms and policies carefully within this period, because after it ends, you will not be able to make any withdrawals without paying a fee.

It is important to know that a variable annuity is best for individuals who intend to save in the long term, as they will not pay taxes during the accumulation fees and their investment will experience compounded growth. It is also important to know that there is the possibility that your account will decrease in value in the event that your investment does not perform well.

It is important to familiarize all the features as well as any variable annuity charges and fees by your insurance company and it is important to know all the advantages and disadvantages. After this, you should evaluate whether the advantages outweigh the disadvantages and whether purchasing the variable annuity will be worth the risk.

Before purchasing a deferred variable annuity, it is important to evaluate your finances so as to ensure that you will be able to last throughout the accumulation phase without withdrawing a single cent from your account. This is because, if you make any withdrawals, you will pay a surrender charge.

Before you settle for an insurance company, it is important to evaluate their bonuses together with the charges for these benefits, and to consider whether the bonus is worth it. You should speak with a professional who understands annuities better so that they can advise you on any consequences of purchasing a variable annuity, as well as the taxes that will be charged on the annuity upon withdrawal.

You should also know what the conditions for exchanging an annuity for a different one and whether there are any fees as well as benefits.

Different insurance companies have different terms and conditions for purchasing a variable annuity, and it is important for the investor to shop around before settling on a particular insurance company. The details of the variable annuity are usually contained in the prospectus, and the investor should read carefully through each prospectus, and ask questions where they do not understand. They can seek the help of a professional who can be able to explain some of the terms as well as some of the hidden charges and calculations. It is only after a critical analysis of these issues that the individual should choose to purchase a variable annuity, as there are consequences for backing out before the agreed time has lapsed.