We take a comprehensive look at the amendment to the Internal Revenue Code’s Section 7702. The change, enacted as part of the Consolidated Appropriations Act, 2021 (H.R. 133), redefines how policies qualify as life insurance contracts under the tax code. It also spells out how much cash can accumulate inside a policy without being taxed. We walk you through what to expect and how to navigate this change for your clients.
Disclaimer: The information discussed in this podcast does not represent individualized investment advice, professional legal or tax advice, and should not be used to project or predict the success or suitability of any particular investment. Actual results will vary depending upon an individual's age, health rating, premium amount, death benefit amount, insurance policy, interest rate, performance and other variables. Past performance is not indicative of future results.