"Generally, the exchange or replacement of... annuity contracts is not a good idea. The concern is that many switches may be little more than 'churning,' the practice of excessive trading that typically generates a commission for the broker while providing little benefit for the investor."

– Wall Street Journal, February 16, 2001. "Shifting Annuities May Help Brokers More than Investors," by Jeff Opdyke.

"If you are thinking about [an] exchange, you should compare both annuities carefully. Unless you plan to hold the new annuity for a significant amount of time, you may be better off keeping the old annuity because the new annuity will impose a new surrender charge period."

– Securities & Exchange Commission Investor Brochure, "Variable Annuities: What You Should Know."