Install
Costs and Quotes terms
What premiums run, why they change and how buyers keep the bill down.
Free withdrawal provisionAn annuity clause that lets you take out a set share of the contract value each year, often 10%, without paying a surrender charge.General agent and BGAA firm or person holding direct insurer contracts that supplies agents with products, case help and commission processing, earning an override.Lapse-supported pricingPricing that counts on many owners dropping coverage before it pays out, letting the insurer charge less than if everyone kept the policy.Modal premiumThe amount due per installment when you pay monthly, quarterly or semiannually instead of yearly, which usually costs more in total over a year.Mortality and expense (M&E) chargeAn annual variable annuity fee, charged as a percentage of account value, that pays for the insurer's guarantees, sales costs and administration.Multi-year guaranteed annuity (MYGA)A fixed deferred annuity that locks in one interest rate for a set term, often three to 10 years, much like a bank CD but issued by an insurer.PremiumThe amount a policy owner pays an insurer, monthly, quarterly, yearly or in one sum, to keep life insurance coverage in force.Surrender chargeA fee deducted from a policy's or annuity's value if you cancel or withdraw too much in its early years, usually shrinking each year.