Insurance Learning Center > Insurance Glossary > Surrender Period
Define: Surrender Period
Surrender Period
A surrender period is a set amount of time during which you have to keep the majority of your money in an annuity contract.
Most surrender periods last from 5 to 10 years and have contracts that will allow you to withdraw at least 10% a year of the accumulated value of the account.
If you take out more than the allowed amount, you will be required to pay a surrender charge on the amount that you have withdrawn, above the amount allowed.