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 ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Janet Berry-Johnson is a CPA with 10 years of experience in public accounting and writes ...

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 ...

“Over the last 10 to 15 years, there have been many improvements to both life insurance and annuity products. If you’ve been thinking about swapping your current annuity or insurance policy for a new ...

If you’re holding an underperforming annuity contract, dealing with sky-high fees or just looking for an annuity that better suits your needs, a 1035 exchange could be your ticket to better terms ...

(1) the exchange of a life insurance policy for another life insurance policy, for an endowment or annuity contract, or for a qualified long-term care insurance contract; (2) the exchange of an ...

Annuities are built for the long haul, which means taking money out of the account isn't always straightforward.

When advisers consider whether a client should exchange his annuity for a new model, one of the easiest mistakes they can make is to underestimate the real value of the current contract. “An adviser ...

Q. I have money in a variable life insurance policy. I want to get out of the policy. It looks like I can move it via a 1035 exchange to an annuity, which would not be my long-term goal. I’ve been ...