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1035 Exchange: Steps
- Application and 1035 Exchange form submitted to new insurance company. Policy owner continues to pay premiums and loan interest payments due on old policy.
- Paramedical exam and underwriting.
- Approved by insurance company. Accepted by policy owner.
- New company contacts old company to arrange surrender and transfer of cash values (this process can take several months).
- Old company mails check to new company for cash surrender value amount.
- New company issues new policy and LLIS sends to policy owner.
- Policy owner signs policy delivery receipt form.
Related Terms:
1035 Exchange,
1035 Exchange: Why?
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