1035 Exchanges

1035 Exchange refers to the section of the IRS code which regulates transfers from an existing annuity or life insurance policy. Section 1035 allows you to exchange your insurance or annuity contract for a new contract without having to pay immediate taxes on the gains. You can liquidate your existing accounts and in essence "start over" and not cause a taxable event.

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Do you own an annuity which has been performing poorly and would like to exchange it for a better contract? Have you recently retired and would like to start drawing down your annuity or life insurance policy in monthly installments? You can make these changes without causing an immediate tax obligation by following the IRS guidelines for a "1035 Exchange".

Section 1035 rules are somewhat complex and we have the experience and expertise to guide you through the steps. First, we help you to compare your current contract with what is available. If you decide you would like to exchange your contract we help you to complete the new company's 1035 exchange and replacement forms. These authorize the new company to contact your present company and request the account values be transferred to it. So long as your money is sent to the new company (not to you) your exchange should be considered tax-free.

Do you have questions about how a Section 1035 Exchange can work for you? Just call our friendly and knowledgable annuity specialists at 866-866-1999. We would be glad to answer all your questions about Section 1035 Exchange.

Learn more about 1035 exchanges here.