I have a slight clarification from the previous response. The law limits the duration of an annuity to 10 years or age 70, whichever is greater. As a result, it eliminates the sale of longer duration annuities for people age 60 or older. For example, you could still sell a 15 year surrender charge product to someone age 55 because surrender charges would be 0 at age 70. But that would be the maximum age for such a product. There are some other elements of the law that affect surrender charge percentages but the bottom line is that most of the products you will be able to sell will be 10 year products with a 10% declining surrender charges...or less.
