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You had a VUL policy which can be exchanged with no tax liability for a Variable Annuity.

This is what the bank did.

Now if the surrender charges have vanished it makes much better sense to have mutual funds instead of variable annuity.

The cash value of the policy was likely small enough so that it waS a one year contribution.

You should speak with a professional since this type of stuff can be dicey.

www.NAPFA.org
www.GarrettPlanningNetwork.com

buzman

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