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What Is a 1035 Exchange? According to the most recent information available, Americans had individual life insurance with a total face value of $10.9 trillion.1 Due to a variety of factors, these individuals may find themselves in circumstances where the specific life insurance policy or annuity contract they own does not suit their needs.2 They may want to exchange products without incurring a taxable event.
Life insurance is designed to help protect a household from the financial hardships that may follow the untimely death of a primary wage earner. But how will a death affect a small business?
The Social Security Disability Insurance program paid out $130 billion in benefits to 10.6 million individuals in 2011. And with a rush of new applicants lining up each year, the system is expected to exhaust its reserves by 2017 if changes aren’t made.1
If you have a family who relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, 39% of men and 43% of women say they have no life insurance coverage at all, according to a study conducted by LIMRA, which closely follows life insurance trends.1