Why is the single premium guideline important?
What are the SPL's benefits? The single payment fully funds the policy, immediately guaranteeing a sizable death benefit to the beneficiaries. They can also be used to finance long-term care, and some permit drawing from the death benefit tax-free to pay living expenses.
What is the guideline premium test?
Guideline Premium Test (GPT) – A two-part test to determine the federal tax treatment of a life insurance policy. To pass the test, the sum of all premiums paid into the contract may not exceed the greater of the two parts: 1) guideline single premium; and 2) guideline level annual premium.
What is the guideline maximum premium?
Guideline Premium — a premium that is defined in universal life insurance policies as the maximum premium payable that will qualify the policy as life insurance for federal income tax purposes.
How is single premium calculated?
The net single premium is always the sum of the present values of all the expected benefits. It may, however, be computed according to either of two techniques. The first uses probabilities for each insured and is called the individual approach.
[PDF] Part 1 - IRS
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[PDF] Income Taxation of Life Insurance - John Hancock
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