Wealth Management & Financial Planning

Wealth Management & Financial Planning

The Importance of the Annuity 30-day Free Look Period

One of my favorite quotes from James Clear, the author of “Atomic Habits,” states, “Success is never due to one thing, but failure can be.” As fiduciary advisors, our job is to help families align their financial vision with each of our five critical elements. When discussing the topic of risk management, annuity products are often mentioned. Annuities are typically sold to investors with the promise of lifetime income and protection from market volatility without the buyer really understanding what they are getting into; this is why we appreciate the 30-day free look period.

The 30-day free look period serves as a safeguard for investors, offering them a valuable window to thoroughly review and assess their investment decisions. During this period, families have the opportunity to evaluate whether the annuity aligns with their financial objectives and whether it meets their specific needs and expectations, which many times it does not!

For many families, the world of annuities can be complex and unfamiliar. The 30-day free look period is an educational opportunity, allowing investors to engage with their fiduciary financial advisors to deepen their understanding of the annuity product.

We appreciate the flexibility and freedom that the 30-day free look period affords investors who were sold a product that sounded great at first but turned out not to be their best option. If, during this time, the family finds that the annuity doesn't align with their financial goals, they can opt to cancel the annuity without incurring any penalties or surrender charges.

In the world of fiduciary financial advising, the annuity 30-day free look period stands out as a valuable tool in ensuring that families make well-informed investment decisions. By leveraging the benefits of the free look period, investors can confidently navigate the complex landscape of annuities and take the time to make an educated decision.

If you have recently purchased an annuity, consider meeting with a fiduciary advisor to help evaluate your objectives and decide whether your annuity will meet your specific goals and expectations.

Financial Enhancement Group is an SEC Registered Investment Advisor.

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