AIG 1035 replacement

[jcorr]

I'm trying to do a 1035 replacement on an AIG policy and have run into a roadblock. They want to a signed Business Certification form. Basically this form is for authorized signatures from my company from a "Duly-authorized corporate officer" On the surface it seems to be ridiculous but they are not budging. As far as I can tell it has NOTHING to do with a 1035 exchange. I was told flat out that they weren't even allowed to tell me what was holding up the exchange until this form was signed. I FINALLY got them to admit that this was the only thing. Who else has had to deal with this?

 

[Tahoe Ray]

I'm trying to do a 1035 replacement on an AIG policy and have run into a roadblock. They want to a signed Business Certification form. Basically this form is for authorized signatures from my company from a "Duly-authorized corporate officer" On the surface it seems to be ridiculous but they are not budging. As far as I can tell it has NOTHING to do with a 1035 exchange. I was told flat out that they weren't even allowed to tell me what was holding up the exchange until this form was signed. I FINALLY got them to admit that this was the only thing. Who else has had to deal with this?

Is the existing AIG policy is owned by a business?

That's normally what that form is for...signers would be anyone who can legally sign on behalf of the business (and of course, the insured).

 

[DayTimer]

I'm trying to do a 1035 replacement on an AIG policy and have run into a roadblock.

AIG drags there feet on 1035’s for sure. Replacing an AIG IUL with a FU Whole LIfe from another carrier. Insured has been approved for over a month but the policy is still pending the 1035.

 

[jcorr]

Is the existing AIG policy is owned by a business?

That's normally what that form is for...signers would be anyone who can legally sign on behalf of the business (and of course, the insured).

No, and that's part of the frustration. It's just a regular 1035 exchange. He has a UL policy that's he's making minimum payments on and in a few years the cost of insurance will start eating away at the cash value. That's one reason we are transferring it to a WL policy.

 

[DayTimer]

No, and that's part of the frustration. It's just a regular 1035 exchange. He has a UL policy that's he's making minimum payments on and in a few years the cost of insurance will start eating away at the cash value. That's one reason we are transferring it to a WL policy.

Same situation as I have. Haven't heard anything from AIG. Neither has the client.

 

[Tahoe Ray]

No, and that's part of the frustration. It's just a regular 1035 exchange. He has a UL policy that's he's making minimum payments on and in a few years the cost of insurance will start eating away at the cash value. That's one reason we are transferring it to a WL policy.

Tell them to pound sand and involve your upline/AIG rep.

 

[Allen Trent]

So, they want signatures of the executive authorized by the receiving life carrier?

If so, that is somewhat common, but some carriers are difficult with exactly what is needed or that it beon their form, not the receiving carriers existing authorization with a printed stamped signature

 

[Tahoe Ray]

So, they want signatures of the executive authorized by the receiving life carrier?

If so, that is somewhat common, but some carriers are difficult with exactly what is needed or that it beon their form, not the receiving carriers existing authorization with a printed stamped signature

That's not what that form is for though...it is for business owned policies. What you're talking about is on the 1035 form.

 

[WinoBlues]

Seems that a three way call including the owner may dislodge some info.

 

[Allen Trent]

That's not what that form is for though...it is for business owned policies. What you're talking about is on the 1035 form.

yeah, then that makes zero sense & possibly a fat fingered key stroke error.

collateral assignment on the policy by chance? I have had that problem on a couple 1035 in the past. one never got resolved because the bank had changed hands 2-3 times over a 20 year period & no one could be located that could release the policy from that former bank