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  2. How to cancel a life insurance policy

    www.aol.com/finance/cancel-life-insurance-policy...

    With a tax-free exchange, you surrender your life insurance policy, and instead of collecting the money and depositing it into your personal account, you roll it over into a new policy, therefore ...

  3. 1035 Exchange: How To Exchange an Annuity or Life Insurance ...

    www.aol.com/1035-exchange-exchange-annuity-life...

    If you want to update a cash-value life insurance policy or annuity, you may have heard of the 1035 exchange. This IRS provision, based on Section 1035(a)(3) of the IRS code, allows you to exchange...

  4. How to sell your life insurance policy

    www.aol.com/finance/sell-life-insurance-policy...

    Surrender your policy: Permanent life insurance policies with cash value can be surrendered, allowing you to receive the surrender value — the cash value minus any fees or outstanding balances ...

  5. Modified endowment contract - Wikipedia

    en.wikipedia.org/wiki/Modified_endowment_contract

    A modified endowment contract (MEC) is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy. In a modified endowment contract, distributions of cash value are taken from taxable gains first as compared to ...

  6. Annuities in the United States - Wikipedia

    en.wikipedia.org/wiki/Annuities_in_the_United_States

    Variable annuities have features of both life insurance and investment products. [4] In the U.S., annuity insurance may be issued only by life insurance companies, although private annuity contracts may be arranged between willing parties although typically the intent of these is to reduce taxes. Insurance companies are regulated by the states ...

  7. Cash value - Wikipedia

    en.wikipedia.org/wiki/Cash_value

    The determination of the cash value, both the base amount and the applicable surrender charge, in the contract can be explicit by determining the value for each surrender date (guaranteed cash values), by referring to the value of specific investments or subject to the discretion of the insurance company, which is often executed to bring cash values in line with values of the investments of ...

  8. 4 common reasons for selling an annuity - AOL

    www.aol.com/finance/4-common-reasons-selling...

    You might also face surrender charges from the insurance company for selling payments. And if you’re under 59.5, you might owe a 10 percent IRS penalty meant to discourage early withdrawals.

  9. Form 1099-R - Wikipedia

    en.wikipedia.org/wiki/Form_1099-R

    A nontaxable section 1035 exchange of life insurance, annuity, endowment or long-term care insurance contracts; A nontaxable charge or payment, for the purchase of a qualified long-term care insurance contract, against the cash value of an annuity contract or the cash surrender value of a life insurance contract.