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The definitions contained herein are for general information only and are not
designed for use in connection with the interpretation of any insurance policy
or annuity policy issued through Insurance Answer Center.
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Life Insurance Glossary Terms 4 A B C D E F G H I J K L M N O P Q R S T U V W Y |
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Rollover |
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These are IRS-approved methods of transferring money, on a non-taxable basis, from an existing account (or accounts) into an annuity. Rollovers are non-taxable ("tax-free") transfers of qualified funds. For example, you might transfer one or more of your bank IRAs into an IRA-qualified annuity. You can take up to a maximum of 60 days to reinvest qualified funds appropriately, although this is not generally recommended. The IRS limits rollovers to no more than one per contract per year. As a rule, rollovers of qualified funds are most safely effected by "Trustee to Trustee transfers," in which the current plan makes the check payable directly to the new plan. See also Section 1035 (a) Exchange. |
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Learn More about Life Insurance
Start a Life Insurance Quote
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| Answer Financial(R) Inc. offers insurance products and services through its licensed affiliates Insurance Answer Center(R) Inc. (California License No. 0B99714), Answer Center Insurance Agency, Inc., and other affiliates. Answer Financial is not an insurance company. Insurance plans and services are from insurance companies and other licensed insurance-related providers. Not all products available in all states. Rates subject to change. |
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