Every individual annuity contract delivered or issued for delivery to a senior citizen has a printed notice stating that, after receipt of the policy by the owner, the policy may be returned by the owner for cancellation within 30 days by delivering it or mailing it to the insurer or agent.

During the 30-day cancellation period, the premium for a variable annuity may be invested only in fixed-income investments and money-market funds, unless the investor specifically directs that the premium be invested in the variable subaccounts underlying the variable annuity contract. Return of the policy within the 30-day cancellation period will have one of the following effects:

• For variable annuity contracts invested in fixed-income investments during the cancellation period, return of the policy during the cancellation period will void the policy, and the paid premiums and policy fees will be refunded within 30 days.
• Variable annuity contracts invested in the variable subaccounts underlying the contract during the 30-day cancellation period entitle the owner to a refund of the account value if the contract is cancelled. The account value will be refunded within 30 days.