If you want to update a cash-value life insurance policy or annuity, you may have heard of the 1035 exchange. This IRS provision, based on Section 1035(a)(3) of the IRS code, allows you to exchange ...

In 2008, the IRS released a revenue procedure concerning certain tax-free partial exchanges of annuity contracts (under Sections 1035 and 72(q)). The revenue procedure applies to the direct transfer ...

With retirement nearing, Steve Parrish no longer needed the whole life policy he’d owned for 25 years. The St. Augustine, Fla.-based attorney and co-director of The American College of Financial ...

Cashing in an annuity usually produces taxable income. Additionally, if you surrender your annuity before the contract term is up, often there's a surrender charge. But you aren't stuck for years if ...

If an adviser’s clients have an insurance policy or annuity that no longer meets their needs, the advisor and clients may want to explore the idea of replacing that policy using the Section 1035 ...

An exchange where both contracts or policies are issued by the same insurer (i.e., an “in-house” exchange) is not subject to the reporting requirements for IRC Section 1035 exchanges 4 provided that ...

Life insurance policy exchanges provide policyholders with the opportunity to replace their existing life insurance policy with a new one that better aligns with their current needs and objectives.