I have never had a client surrender an annuity, and like most people here, am very careful about "knowing my client". However, for the first time, I have an annuity client surrendering a spia, after six years. He's actually getting more out of it, than I would have expected, but still..it is a lesson to me to really think twice about selling these, as opposed to other types of fixed annuities, unless they demonstrate that an immediate income is preferable/necessary. I'm glad that I didn't sell him the second one that he requested a few years ago, simply because it didn't feel right. I told him to sleep on it, and he decided not to move forward, and he wasn't the first one to whom I offered that advice.