What is the standard cancellation period for an immediate needs annuity?

The standard cancellation period for an immediate needs annuity is typically 30 days. This period allows policyholders to review the terms of the annuity and assess whether it meets their financial needs after the purchase. If, during this time, the policyholder feels that the annuity does not suit their requirements, they can cancel the contract and receive their invested funds back, subject to any relevant terms and conditions. Understanding this cancellation period is crucial for individuals considering immediate needs annuities, as it provides a safety net to ensure that their financial decision aligns with their immediate and long-term financial goals.