Ask Terry Questions annuity transfer

annuity transfer

By Terry Savage on October 02, 2018 | Insurance & Annuities

Can a partial 1035 be done from a nonqualified annuity account that is out of surrender charges and the $ be transferred into an existing nonqualified annuity account that $ can be added without extending the length of the annuity?

Terry Says

My question is why you would even do that — unless your current existing annuity has some fantastic returns. (And if that were the case, I doubt they would allow additional investments to enjoy those great returns). By all means, do a 1035 exchange into a newer, better product. But set up a separate account and avoid all future issues on basis and distribution.

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