Evaluate and prepare an annuity replacement

Measure the cost of leaving, compare 1035 exchange options, arrange a direct transfer and check every replacement rule.

1. 1.

   Copy from the statement: contract value, cash surrender value, charge now, years left, any rider.

   Cash surrender value is what leaving today pays out. Annuities Genius does not hold the old contract.

2. 2.

   Paste this and send it. On a plan with credits, a quote costs 15 credits. Expect a few quotes.

   Copy

   Using Annuities Genius: my client, 67, in Arizona, has a fixed indexed annuity she bought 4 years ago. From her statement: contract value $180,000, cash surrender value $169,200, surrender charge now 6% with 3 years left, non-qualified. What does she lose in dollars if she moves it today through a 1035 exchange? What would a new product have to give her to make it worth it? Show me the best 3 options for 1035 exchange money. Check what each new carrier's replacement rules say about this case. Say which numbers come from my statement and which come from Annuities Genius. Tell me plainly if staying looks better.

   Select the text and copy it.

3. 3.

   Read the dollars: what moving costs today and what the new product must add.

   The AI says which figures are yours and which come from Annuities Genius.

4. 4.

   Paste this and send it. It names the money type, 1035 Exchange, and the amount that moves.

   Copy

   Using Annuities Genius: my client is 67, in Arizona. A 1035 exchange will move $169,200 into a new annuity. Show me the best 3 fixed indexed annuities for 1035 Exchange money. For each one, give the sales channel, such as independent agent or fee-based. Then quote the same client with Non-Qualified money and tell me how the list changes.

   Select the text and copy it.

   It runs two quotes. On a plan with credits, that is up to 30 credits: two quotes at 15. Expect fewer matches with 1035 money than with Non-Qualified.

5. 5.

   Check each new carrier, financial-strength rating and sales channel. Compare the 1035 list with the nonqualified list.

   Some products are sold only through banks and broker-dealers (brokerage firms). Can you sell one? Ask your agency.

6. 6.

   Ask the new carrier which transfer or exchange form it requires. Arrange a direct carrier-to-carrier exchange. Never have the client take proceeds.

   The Association for Cooperative Operations Research and Development (ACORD) publishes a form, but the carrier may require its own.

7. 7.

   Check the sale state's replacement rules and the new carrier's rules. Open each source and confirm every limit.

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   Using Annuities Genius: my client, 67, in Arizona, has a 4-year-old annuity with a 6% surrender charge. What do North American's replacement rules say about replacing it? Quote its replacement rules and say which ones this case may trigger. List its documents with their links, and say which have no link. Don't guess which document a rule comes from. Don't say it's approved. Tell me what to check.

   Select the text and copy it.

   Use required notices and forms. Keep required records. Document lost benefits and new charges. Record replacement history and why the change helps.