Hello, we are in the process of doing a 1035 exchange of an annuity. We received by mail today a confirmation letter from company were leaving stating the annuity amount was surrendered as of 10/22. My question is how long does take for the new company to issue the new contract? We already have an annuity with them so we logged in to our account to see if the surrendered amount was in the account which it wasn't.
1035 exchange timeline?
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jasperjohns
Super Genius
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It depends on the company the money is going to. First you have mail time as the previous company would have mailed the funds by check most likely via first class standard mail. I have seen companies issue new polices as quick as 48 hours after receipt of funds but I have also seen as long as a week. An additional hold up could be if the funds that the new company received are drastically different than what they expected. In this scenario the policy may have to go through suitability again which could create a 4 to 5 day delay.
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