Take advantage of a tax-free 1035 exchange
You can exchange your after-tax annuity from another insurance company to a TIAA-CREF Life Insurance Company (TIAA-CREF Life) after-tax annuity.* When considering this move, you’ll want to compare the following:

• Product features (such as a death benefit)
• Costs
• Guaranteed interest rates and/or choice of investments
• Surrender charges
• Financial strength of carrier

*There may be tax consequences associated with the transfer of assets. An exchange may not always be your best option. Consult with your advisor regarding your particular situation.

The TIAA-CREF Life advantage
With an after-tax annuity from TIAA-CREF Life, you might enjoy lower fees, no surrender costs,¹ competitive rates and more. Learn more about the features of a TIAA-CREF Life after-tax annuity.

Why fees matter
When comparing variable deferred annuities, you'll see that fees can vary widely. Keep in mind, that the less you pay in annuity fees, the more you'll potentially have to turn into retirement income.

Please keep in mind that there are risks associated with investing in securities including loss of principal.

• Find a product available in your state.
• Talk to a TIAA-CREF Life annuity and life insurance specialist at 1 877 554-8282.
• Visit our Learning Center to read Four Steps to Consider When Selecting an Annuity.

¹ According to Morningstar, the average annual annuity expense charge is 1.34% for all variable annuity subaccounts in Morningstar Direct as of 10/24/2008. © 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

After-tax annuities are issued by TIAA-CREF Life Insurance Company (TIAA-CREF Life), 730 Third Ave., New York, NY 10017.