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How long is a reasonable length of time for an insurance Co.t transfer funds, (1035 transfer) to another ins.? |
How long is a reasonable length of time for an Insurance Co. to transfer funds, (1035) to another insurance Co.? Like 4 weeks or 6 weeks? Your opinion would be appreciated. Thank you. benboo53@yahoo.com So you doing a 1035 exchange? I did that and it usually took about a month to get the new contract. I had cash value in my life insurance policy and moved it into variable annuity. Source(s): http://obe231.blogspot.com One week. But I have NO idea WHY one insurance company would be transferring funds to another. Usually, that's illegal. agent, 20+ years It depends upon the state where the policy was issued, because insurance laws differ. Most 1035 exchanges are completed within one month. If you believe the 1035 exchange process has dragged out too long, contact your state's insurance commissioner's office and file a written complaint. The Commissioner's office will investigate and compel action, if appropriate. I hope this helps. I have done many 1035's, it usually depends on the prior insurer, they are allowed a certain period of time to conserve the business. The quickest thing to do, and I tell all my clients this, is call the prior company yourself and demand that it goes through immediately, this usually speeds things up. I have seen them take from 2 weeks to 2 months, depending on the company. Just hang in there, nobody wants to get sued, but they know exactly what they can get away with. Every little bit of interest counts. Another thing I have noticed, is most agents do very few of these (1035 exchanges), therefore the paperwork (which is intentionally exhaustive and confusing) could be filled out wrong. You might call your new agent and make sure that he doesnt need you to do anything else, or he doesnt need any more information. Also, some states have different rules and procedures, West Virginia (my location) has very few, New York, well you might as well camp out for a few months if it is in New York. California, NY, Wisconsin, and New Jersey are rather thorough, so that could be it as well. All things aside, just hang in there, you are still covered at the moment, you will not be uncovered for any amount of time, and it WILL go through. Financial Planner by trade |
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