1035 from existing to existing

WildGoose

New Member
8
20 years ago, I sold myself two different permanent life policies. I now want to 1035 from one to the other and only hold the second policy. This should be a simple matter EXCEPT that Phoenix Life is no longer. Its owned by Nassau Re who has zero clue what they are doing. They are trying to tell me I can only exchange to an annuity from a life insurance contract.

Any suggestions on how to get this done?
 
20 years ago, I sold myself two different permanent life policies. I now want to 1035 from one to the other and only hold the second policy. This should be a simple matter EXCEPT that Phoenix Life is no longer. Its owned by Nassau Re who has zero clue what they are doing. They are trying to tell me I can only exchange to an annuity from a life insurance contract.

Any suggestions on how to get this done?
Yeah...I would report them to your state's DOI.

That's ridiculous.
 
I don't think an insurance dept is going to care. Probably no regs saying they have to do it. Its an Internal Revenue Code item
 
Ha! I wasn't even given the opportunity. I asked for the paperwork and they kept saying it can't be done and that they didn't even have such paperwork.
 
I want to move it to Nassau. I like the variable life policy I sold myself when it was Phoenix.
 
Pretty certain 1035 exchange on life has to be from existing to new policy, not an existing policy. I know code may permit existing annuity to existing annuity, but not existing life to existing life.

Let me see if I can find it as I attempted to do the same years ago. Ended up 1035 to a new SPWL contract & others go to a new Annuity contract if they don't need the life death benefit any longer
 
Pretty certain 1035 exchange on life has to be from existing to new policy, not an existing policy. I know code may permit existing annuity to existing annuity, but not existing life to existing life.

Let me see if I can find it as I attempted to do the same years ago. Ended up 1035 to a new SPWL contract & others go to a new Annuity contract if they don't need the life death benefit any longer
Damn, Allen. I didn't even think of that. I believe that you're right.

Almost all of our processed 1035s are annuities or going to a new contract.

I'll research as well but good call.
 
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