Get the free 1035 EXCHANGE REQUEST FORM

1035 EXCHANGE REQUEST FORM Sentinel Security Life (Non-Qualified Annuities & Life Insurance Policies Only) 2121 South State St., Salt Lake City, UT 84115 Toll Free 800.247.1423 Complete One Side Only

How to fill out 1035 exchange request form

How to fill out 1035 exchange request form:

1. Gather necessary information: Before filling out the 1035 exchange request form, make sure you have all the necessary information at hand. This includes details about your existing life insurance or annuity policy, such as the policy number, carrier name, and surrender value.
2. Determine the receiving policy: Decide on the new life insurance or annuity policy that you wish to transfer your funds into through the 1035 exchange. Take into consideration your financial goals and needs to select the most suitable policy to replace your existing one.
3. Obtain the form: Contact the insurance company or financial institution that will be receiving the 1035 exchange and request the appropriate form. They may provide it physically or allow you to download it from their website.
4. Read the instructions carefully: Familiarize yourself with the instructions provided on the form. Pay attention to the specific sections that require your attention, such as personal information, policy details, and beneficiaries.
5. Provide personal information: Fill out the required personal information accurately. This typically includes your full name, address, contact details, and social security number. Ensure that all the information is up to date and correct.
6. Fill out policy details: Enter the necessary details about your existing policy, such as the policy number, surrender value, and policyholder information. Double-check the accuracy of these details to avoid any confusion or delays in the exchange process.
7. Choose settlement options: If applicable, select the settlement options for the new policy. This may include choosing between lump sum or periodic payments, as well as other specific options that the receiving policy offers.
8. Provide beneficiary information: If you wish to designate beneficiaries for the new policy, fill out the required beneficiary information section. Include their full names, addresses, and relationship to you. You may need to provide additional details regarding the percentage allocation of the death benefit, if applicable.
9. Review and sign the form: Before submitting the form, carefully review all the information you have provided. Make sure there are no errors or missing details. Once you are satisfied, sign and date the form according to the instructions provided.

Who needs a 1035 exchange request form?

1. Policyholders looking to transfer funds: Individuals who have existing life insurance or annuity policies and wish to transfer their funds from one policy to another can utilize the 1035 exchange request form. This allows them to move their investments without incurring additional taxes or penalties.
2. Insurance companies or financial institutions: The receiving party, typically an insurance company or financial institution, requires the 1035 exchange request form to process the transfer and establish the new policy for the policyholder. They need this form to ensure all necessary information is provided and the exchange adheres to applicable regulations.
3. Financial advisors or agents: Professionals like financial advisors or insurance agents also play a role in the 1035 exchange process. They may assist policyholders in understanding the benefits and implications of the exchange, as well as guide them in filling out the request form accurately and appropriately.

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What is 1035 exchange request form?

The 1035 exchange request form is a document used to transfer funds from one life insurance or annuity policy to another without triggering tax consequences.

Who is required to file 1035 exchange request form?

Policyholders looking to transfer funds from one life insurance or annuity policy to another are required to file the 1035 exchange request form.

How to fill out 1035 exchange request form?

Policyholders must provide their personal information, policy details, and the details of the policy they wish to transfer the funds to in order to fill out the 1035 exchange request form.

What is the purpose of 1035 exchange request form?

The purpose of the 1035 exchange request form is to facilitate the tax-free transfer of funds from one life insurance or annuity policy to another.

What information must be reported on 1035 exchange request form?

The 1035 exchange request form must include details such as the policyholder's name, policy numbers, names of insurance companies, and the amount being transferred.