If you want to update a cash-value life insurance policy or annuity, you may have heard of the 1035 exchange. This IRS provision, based on Section 1035(a)(3) of the IRS code, allows you to exchange ...

A 1035 exchange allows a tax-free exchange of a life insurance policy, annuity contract, long-term care product or endowment for another of a similar structure. This means that any gains or losses ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed ...

If you’re holding an underperforming annuity contract, dealing with sky-high fees or just looking for an annuity that better suits your needs, a 1035 exchange could be your ticket to better terms ...