Sentences with phrase «consequences of the life insurance contracts»
If a policy owner has no intention of withdrawing the cash value during the insured persons lifetime, there are no consequences of the life insurance contracts qualification as a modified endowment contract.
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Named after Section 1035 of the Internal Revenue Code, a 1035 exchange allows life insurance policy owners (and annuity contract owners) to exchange an old policy (or contract) for a new one from a different insurance company without tax consequences.