Kim Purnell
A Wix Legend Marketplace Agency
CLIENT RESOURCES
LTC & 1035 Exchange
1035 exchange is an IRS rule that allows policyholders to transfer money from an existing life insurance policy or annuity to a new insurance policy without paying any income tax.
This type of exchange is often used to fund long-term care insurance, as it can provide a tax-free way to pay for long-term care insurance premiums. Types of long-term care insurance policies include traditional long-term care insurance, hybrid policies, and short-term policies.
FAQs for 1035 Exchange and Long Term Care Insurance
Q: What is a 1035 exchange?
A: A 1035 exchange is a tax-free transaction that allows you to move funds from a qualified life insurance policy into a new policy, often with the same insurance company. This is commonly done to take advantage of better policy features or to save money on premiums.
Q: How can I use a 1035 exchange for long term care insurance?
A: A 1035 exchange can be used to purchase a long term care insurance policy, or to move funds from a qualified life insurance policy into a long term care policy. This allows you to use the cash value of the life insurance policy to pay the premiums for the long term care policy.
Q: What are the advantages of using a 1035 exchange for long term care insurance?
A: Some of the advantages of using a 1035 exchange for long term care insurance include tax-free transactions, lower premiums, and the ability to take advantage of better policy features. Additionally, it can provide a more secure way of obtaining long term care insurance coverage, as the funds are held in a life insurance policy.
As independent insurance brokers, we offer State Long-Term Care Insurance policies to meet your long-term care needs.
Download this guide today or contact us to learn more about the long-term care insurance plans we offer. You'll be glad you did.
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Florida
A000000
[Mobile Phone]
321-327-9049
Insurance & Retirement Planning Specialist
Kim Purnell
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options. By providing your contact information for quote requests for material downloads, you grant permission for licensed insurance agent, identified here, to call you regarding your Medicare options including Medicare Supplement, Medicare Advantage, and Prescription Drug Plans.
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Adaptive Marketing Group, LLC
898 Glendale Ave Palm Bay, FL 32907
Florida
A000000
[Mobile Phone]
321-327-9049
Insurance & Retirement Planning Specialist
Kim Purnell
FINRA, or the **Financial Industry Regulatory Authority**, is a self-regulatory organization that oversees the brokerage industry. FINRA has rules and guidance on disclosure in advertising and other communications with the public ?.
FINRA encourages members to be precise and succinct in their explanations and disclosures. Members often include in their communications disclosures that are not required by the rules, and FINRA does not object to additional explanations or information beyond what is required for rule compliance ?.
You can learn more about FINRA's rules and guidance on disclosure from their website ?.
Source: Conversation with Bing, 6/28/2023
(1) Regulatory Notice 19-31 | FINRA.org. https://www.finra.org/rules-guidance/notices/19-31.
(2) Advertising Regulation | FINRA.org. https://www.finra.org/rules-guidance/key-topics/advertising-regulation.
(3) Disclosure Report Cards | FINRA.org. https://www.finra.org/compliance-tools/report-center/disclosure.