Riversource Outgoing Non-Qualified 1035 Exchange 2011-2024 free printable template
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Years ago and everyone my name is Derek a Fosse I'm the owner of a Fosse Financial Group today's topic I want to discuss with you 1035 exchange life insurance to an annuity and what exactly is this you know how somebody would try to set up the cash value to their for leverage it for maybe their retirement goal or some sort of income goal on how to use an annuity to do so now just as a little disclaimer in the beginning you want to be very, very careful on how you do this because and sometimes it makes perfect sense to do it other times you know not so much, but it's mainly meant for somebody that's looking for either consistent growth goal or a max lifetime income goal, and then you want to make sure that's customized specifically to an annuity that might work best for your benefit now with cash value what they mean by the 1085 exchange for life insurance meaning that with any sort of permanent life insurance policy what happens is an individual place premium dollars into a plan so kind of the goose egg shape as a plan and those premium dollars first and foremost have to make sure that it's correlating specifically to a death benefit hence life insurance all has a death benefit so when premium dollars go into this plan you have a portion of those monies go into something known as a cause of insurance and different expenses that relate to that death benefit and then whatever you paid in addition to those expenses go into a secondary bucket known as cash value, so you have different types of permanent life insurance policies out there you have whole life insurance you have universal life insurance you have variable universal life insurance, and you have indexed universal life insurance and those are going to be the four major types of permanent life insurance coverage now what happens is each time that you're placing more and more dollars in this plan, and you're accentuating what those expenses are well it's going to go into that savings account aspect known as that cash value, so that cash value is going to grow each and every year that you're placing more dollars into that plan than what is necessary for that death benefit and then on top of it there's going to be a type of interest credit that's related to that bucket so if you're placing more and more dollars each year then that should grow the bucket and then obviously if you're receiving an interest credit to that bucket well then that should also increase that bucket you know further and further so as we look at these four major types of insurance that's tied to that cash value of those types of plans what happens is the interest credit off of a whole life insurance plan is set up through something known as a dividend rate, so this is more of like a fixed type rate a universal life goes into interest rate so this was something that was very attractive in the 1980s and 1990s when interest rates were very high well since that point interest rates have fallen down you know deep below...
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