What Is Annuity Surrender Value? 
Non-qualified tax deferred annuities have policy expenses like most saving and investment products . But they do have an additional surrender charge or penalty for accessing accumulated cash values beyond the policy withdrawal amount and/or the surrender -LRB- terminate -RRB- of the policy . The surrender charges protect the insurance company against rate disintermediation , i.e. their investment portfolio positions and what they 're crediting to the policy . 