A family friend recently informed me that he was sold a Transamerica FFIUL policy from a WFG rep about 1 year ago, and I did a bit of educating on why the FFIUL is a disaster (i.e. high COIs in later years). However for this type of policy, the surrender charge doesn't mirror the cash value until year 15, if we were to do a 1035 exchange. In this scenario, would it be better for the client to cut his losses, forfeit the premiums paid for the first year, and start a fresh new IUL policy with someone better like North American/Midland? Or is it better to ride out the next decade and a half to do a 1035 at a time when the surrender charges mirror the accumulated cash value? Please explain your rationale.