Nowadays, with the rapid changes and development with products and services, Even life insurance policies evolves constantly.
These improvements features Living Benefits and Guaranteed Income Riders, there's even a lot of changes on how the way cash value accumulates and how the policies are credited with regards to the markets. These are only few of the myriad changes with the Insurance Policies available, and with that, the Policy that you had Ten Years ago could very well be outdated and surpassed by these newer products with greater features for lower prices.
Have you ever wondered what options you have if you plant on modernizing your Old Policy?
Most of the people that are in possession of a Old Insurance Policy aren't sure how they feel about it. Most of these Policies were purchase for them by their parents, or these Policies were acquired Decades ago, and these Policies can't simply keep up with the current circumstance we need in the present day. To make it worst, most of these people aren't aware that they can actually trade in their insurance policies for the better one without having to start from scratch.
The government specifically designed the 1035 Exchange Rules was designed by the government to protect the consumers. With 1035 Exchange Rules, the IRS will allow the clients to exchange their current life insurance policy into a new one, without paying the tax on the gain. The prerequisite of the new policy is that it must have the same insured and owner as the old policy, the client also must also submit to new underwriting procedures as part of the exchange process. This advantages will allow you to enormously optimize your life insurance coverage. With this, now you can transfer all your cash value from your past Policy into a newer more modern policy with the most cutting-edge features, and earning potential.
As advantageous it is, the 1035 Exchange isn't always applicable for anyone, Those experiencing poor or declining health who have already qualified for your original policy may experience a greater negative impact than a positive impact. At these times, you may want to consult to a trusted, knowledgeable and experienced life agent, who can find the products that can provide the greatest overall benefits. Just because a product is newer doesn't necessarily mean that it's better, Make sure you choose an agent that knows his/her stuff.
GOOD NEWS is, You've come at the right place.
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