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Annuity Owner Transfer Request - AAA Life Insurance Company

Annuity Owner Transfer Request - AAA Life Insurance Company 2025

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The document outlines the process for transferring ownership of an annuity contract issued by AAA Life Insurance Company. It details the necessary signatures, legal implications, and tax considerations involved in the transfer. The document emphasizes that the change does not affect the annuitant designation and that proper execution is required for the transfer to be valid.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I transfer an annuity to someone else?

In short, yes, you can usually transfer annuities to another person, including a beneficiary. But this kind of transfer is not covered in a 1035 exchange and there are potential tax implications.

Can you change the owner on an annuity?

The new owner of the annuity can start receiving payments, change beneficiaries, and cash out the policy whenever they want. To give the annuity away, you simply contact the insurance company and state that you want to gift the ownership of the annuity policy to someone else or a trust.

How to change beneficiary on AAA life insurance?

Beneficiary changes or designations need to be made in writing. You can complete the Beneficiary Change Request form (PDF) and mail or fax it using the information below in the Contacting AAA Life section.

How do you transfer ownership of a life insurance policy?

Transferring ownership is generally a straightforward process thats as simple as signing the appropriate rights documents. If you transfer the ownership of your life insurance policy and the cash value of the policy exceeds the annual exclusion limit, its considered a taxable gift.

Are annuities transferable to heirs?

The death benefit payment is typically either a specific pre-determined amount, or the remaining value of the annuity contract. Annuity death benefits serve as a form of financial protection for loved ones, ensuring that at least a portion of the annuitys value can be passed on to heirs.

Who is usually the owner of the annuity?

The annuitant is the person whose age and life expectancy is going to be used to calculate the benefits of the annuity and who will receive the annuity payments. Usually, the annuitant and the owner are the same person, but it is not required.

Can you transfer an annuity to a life insurance policy?

What is a Section 1035 Exchange? A 1035 exchange is a provision in the tax code which allows you, as a policyholder, to transfer funds from a life insurance, endowment or annuity to a new policy, without having to pay taxes.

Annuity Owner Transfer Request - AAA Life Insurance Company 2025

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