November 28, 2024
Can You Convert Some Fixed Indexed Annuity to Indexed Universal Life?
Can you convert some Fixed Indexed Annuity to Indexed Universal Life?
In this episode, Chris Berry answers the question: After creating an FIA(Fixed Indexed Annuity), can you later convert some of it to IUL(Indexed Universal Life)?
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Episode Transcript:
After you create an FIA, can you later convert some of it to IUL?
Welcome to Berry’s Bites, please join our host attorney and financial advisor Chris Berry. Yeah, so let’s say you put in 500 000 to a fixed index annuity and then let’s say a number of years it grows, you wouldn’t do it like right away because one of the trade-offs with these or sometimes it takes some time we wouldn’t want to move into a value well right away move into it and then pull all the money out right away like that would be a mistake so let’s say we funded a fixed index annuity one of the things.
We can do is take out ten percent a year without any penalty that’d be fifty thousand dollars coming out each year and then that could be used to fund the premium for the index universal life so after you create an FIA can you later convert some of it to IUL the answer is yes we just have to make sure that we fit the plan together correctly. Thank you.