Glossary of Common Insurance Terms, Words & Phrases
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10, 15, 20, 30-Year Insurance Policy 10, 15, 20, 30-Year Insurance Policy A life insurance policy that covers you for 10, 15, 20 or 30 years, known as the term. If the insured passes away during this time, the insurance company will pay his or her beneficiaries. Once the term ends, so does the policy.1035 Exchange 1035 Exchange Think of it as a way of trading in your life insurance policy or annuity for a new one without any tax penalties. The exchange must meet the requirements of Section 1035 of the Internal Revenue Code for the transaction to be tax-free.
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