April 25, 2013

What is a 1035 exchange? Why would you perform one? Where would you go?

8 thoughts on “April 25, 2013”

  1. Thomas Graham says:

    A 1035 exchange is a change from one (life insurance, annuity, or endowment) policy to another. You may want to do this as your life situation changes and you need more or less money in your policy. Vanguard provides the needed paperwork to complete this exchange.

  2. Mike Finley says:

    That was a tough question, Thomas. You did a pretty nice job on it. Let me add to it. The 1035 does apply to multiple types of policies, but the annuity exchange seems to be the one most applicable for many.

    Why? You got “sold” a crummy high commission and high fee annuity (usually by a broker who liked the high commissions) and you want to move it to a no commission and low fee annuity.

    Where? Thomas mentioned Vanguard and I agree on his reference. Vanguard provides many annuities at very low costs, BUT you must be careful and wise when considering this type of exchange. Will there be redemption costs when you sell from the crummy one? How does it need to happen without paying penalties? What type of investment should you select as your new annuity at Vanguard? These are all valid questions and Vanguard will be able to help you with most of them without you paying a dime. Educate yourself and make the best choice based on your particular situation. You’re worth it!

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