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Q48 Single choice

Your client bought a variable annuity contract that has a 5% contingent deferred sales charge with a 7- year surrender period four years ago. He has been reading about bonus annuities and 1035 exchanges and has asked for your advice. You can tell him:

A
that it's a great idea, and you plan on how you're going to spend the unexpected income.
B
that although the exchange doesn't have any tax consequences, he'll be looking at a new, longer, surrender period.
C
that he'll have to pay the 5% deferred sales charge if he executes the exchange.
D
both B and C.

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