403B Rollover

Best Life Insurance is the insurance company that can assist you with your 403B Rollovers. What does it mean to roll over an insurance plan? It’s actually quite simple. All it means is taking the money you have in one insurance plan and rolling it over to another plan.

The original plan can be started by you or an employer, and when you’re ready to rollover, you make use of an insurance company, like Best Life Insurance, to complete the process. Before doing this, you do want to make sure that you are eligible to begin this process. An insurance agent will assist you in ensuring that you are eligible.

403B Rollovers might be a little new to you, and that’s okay. To get started with this, you want to get a little more information on what this plan is, who it’s for, and where you can roll over to.

It’s also important to understand why this rollover is right for you and any rules that are associated with it. So, let’s get started with the simple facts and begin by understanding what your 403B plan is.

A 403B Plan is basically a type of retirement plan. One of the main differences between it and a 401k is who the plan is made for. This plan is usually set up by the employer but can also be set up by the individual themself. So as an educator, your school can have an insurance company they refer you to, but you can set up the plan by yourself. You would just need proof that you are an educator.

In a 403B plan, you can make your own contributions. And something that you should know is that with us, your account participates in the market gains, which means when the stock market increases, your account increases as well. This is beneficial for anyone with this plan because if your contributions are small, you can still get some increases.

This plan has its own benefit, and many have found it helpful when they have the right insurance agent helping them out. We at Best Life Insurance promise that you will get the best service and benefits if you choose to do 403B Rollovers with our agents and us.

Who is a 403B Plan For

Not just anyone can sign up for a 403B plan. This retirement plan was specifically made for teachers and educators. This is what makes the main difference between it and a 401k.

It is important to note that an employer is not obligated to contribute to this plan, but they can if they would like. So, when you set up this plan, you are able to look at your teaching contract and benefits. If the school you’re working with states that they will contribute an amount to your 403B account, then you can let them know you’ve opened an account.

As said before, this insurance plan is only for teachers and educators. It works with the career they have chosen. In addition, It is important to note that when you are signing up for the account, the insurance agent will take the information from your last 5 years of working, and this includes your salary. All of this works together to get you the best policy possible. So, by the time you’re ready to withdraw your money, it benefits you to the fullest extent.

When you use Best Life Insurance for your 403B Rollovers, you get a built-in floor. This basically means that when you sign up, there is a base that you come in with, and it can’t be messed with.

In addition to that, your principle is always protected, which means that the base is also protected no matter what happens. This is a benefit for you because you’re money is always protected. A great advantage to 403B Rollovers and even just 403B plans in general are there are pre-tax contributions. So, by the time you’re ready to pull out, there is no tax removed from the amount.

Something that you should know is that you can only rollover a 403B plan to another 403B plan. This is because it is easier, and you can still continue to benefit if you do so. There are limits to what you can contribute and how much you can contribute. This is all dependant on your original plan and what you sign up for. An insurance agent will give the specific amount so that you are aware.

In addition to this, there is a minimum distribution age. Individuals cannot remove their money until the age of 72. If you do remove your money before this age, there will be a penalty that you pay, and the government is allowed to take up to 50 percent of the funds in the account. So, it is recommended that you do not withdraw until this age or after.