Re-educated and Wanting to Cancel - Too Late?

Q. Dear Jeff: My wife and I just invested in an Equity Index Annuity. We signed the papers on October l3, 2005 and the money is being transferred today and some this last week. We are very concerned after reading your article, which was recommended by a friend and would like to know how long we have to cancel out of it. We live in Wisconsin and would like to know what the time limit is to get out of this contract without a penalty.

Awaiting your reply, THANK YOU.

A. Thank you for contacting me.

You should have at least 10 days to cancel the contract. The fact that the money is just now being transferred means you should still have time.

Contact the agent. Contact #### and notify them all that you are exercising your right to cancel. If this is IRA money, have them either transfer it back to where it came from or into an IRA account at the place of your choosing.

It will also be good to have some form of paper trail. Write a letter cancelling and mail it to the agent.

Let me know how it goes or if I can be of further help.

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