Zurich American Life Insurance Company is offering to buy back some of its annuity contracts.
The offer affects holders of Farmers Variable Annuity I contracts with in-force guaranteed retirement income benefit riders, or GRIB riders.
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A consumer can qualify for the buy back offer by either surrendering an eligible annuity or exchanging it for an annuity from a life insurer not affiliated with Zurich American, the company says.
Zurich American says it will make the offer available from today through Oct. 31, to consumers who bought their Farmers Variable Annuity I contracts with the GRIB riders after April 30, 2000.
Zurich American says it will pay Farmers Variable Annuity I contract holders who sell back their annuities a price equal to the contract value, minus the value of any outstanding loans, along with an enhancement amount.