A 1035 exchange typically takes 4–8 weeks from start to finish. The process involves five distinct stages, each with specific requirements and timelines. Here is exactly what happens and what you need to do at each step.
The Five Stages of a 1035 Exchange
Suitability Analysis
1–2 daysUpload your in-force illustration to 1035Advisor. Our AI parsing engine extracts all relevant policy data — cash value, premiums, IRR, death benefit, credited rates — and generates a suitability analysis. You'll receive a Policy Health Score, a peer benchmark comparison, and a clear recommendation within minutes.
You do:
Upload your in-force illustration PDF
We do:
Run the AI analysis, calculate IRR and health score, generate recommendation
Carrier Selection & Illustration
2–3 daysIf the analysis recommends a 1035 exchange, we run formal illustrations from multiple top-rated carriers using your specific cash value amount and age. You'll see exactly what death benefit each carrier can guarantee, to what age, and at what cost.
You do:
Review carrier illustrations and select preferred option
We do:
Request illustrations from 4–6 carriers, present comparison, advise on selection
Application & Underwriting
1–2 weeksOnce you select a carrier, we submit the application for the new GUL policy. Most GUL applications for exchange cases involve simplified underwriting — a health questionnaire rather than a full medical exam. The carrier reviews the application and issues a formal approval.
You do:
Complete health questionnaire; sign application
We do:
Submit application, manage underwriting process, communicate with carrier
1035 Transfer Request
1–2 weeksOnce the new policy is approved, we file the 1035 exchange paperwork with your existing carrier requesting a direct transfer of the cash value. The surrendering carrier processes the request and sends the funds directly to the receiving carrier — you never touch the money.
You do:
Sign 1035 exchange transfer authorization form
We do:
File transfer paperwork, coordinate between carriers, confirm receipt of funds
Policy Delivery & Confirmation
3–5 daysOnce the receiving carrier confirms receipt of the transferred funds, the new GUL policy is placed in force. You receive the policy documents and a confirmation that the death benefit is guaranteed. The old policy is simultaneously surrendered.
You do:
Review and accept new policy documents
We do:
Confirm policy is in force, provide summary of coverage, archive all documentation
What You Need to Get Started
The only thing you need to begin is your current policy's in-force illustration — a document your carrier can provide on request, typically within 1–2 business days. Upload it to 1035Advisor and we handle everything from there.