I would think that they do, and here's why.
They want to make sure if you wake up during the term of the annuity that if you want out they get to rip you off again.
Do all fixed annuities have a surrender charge if cashed in before maturity date?
Most annuities don't have a "maturity date", just a "surrender period". It depends on your contract.
Contrary to popular belief, you can buy annuities with NO surrender charges, but most agents won't tell you that........
Why?
You could perhaps see if there's a class-action against your carrier and then see if you can leverage that to get out of your contract without the surrender charge.
It's my understanding that all annuities, variable and fixed, have a "maturity date" or "income date". Usually means the date at which income payments are scheduled to begin unless you annuitized the contract prior to that date.
Doubtful, those actions are few and far between..... What we DON'T know is when the annuity was purchased. The surrender charge goes down each year. In addition, there's a "free amount" that increases over time that can be moved without penalty.
OP needs to provide more info to get more help..........
Sorry, I should probably have put a smiley along with that one... it was mostly tongue-in-cheek, although we're wading through a class-action and a state-filed suite right now.
Which company??
Mr handley, you perhaps don't yet know that "annuity" is a very bad word around here.
Ha