​If you are considering replacing one annuity for another, it is a good idea to carefully compare your old product with the new one. 

• ​​​​Are the death benefits the same?  
• Is there a surrender charge to get out of the old annuity?  
• Are the annual fees and new surrender charges higher for the new product?  
• Will there be a new surrender charge period for the new product? 
• Also, keep in mind that your insurance producer (agent or broker) will earn a new commission if you switch annuities. 

Advising a client to change annuities for the sole purpose of earning a commission, without regard to the client’s best financial interest, is a practice called “churning” and is against the law in Maryland.  If you believe you are a target of churning, you may file a complaint with the Maryland Insurance Administration​​.  

It is also a good idea to consult with your financial advisor to make certain you fully understand any tax consequences before you replace your annuity. ​​