What is the 7702?
A 7702 plan is a tax-advantaged life insurance policy and is named based on the Internal Revenue Code that spells out how cash value life insurance policies retain their tax-advantaged status. Contrary to its name, a 7702 plan is not a type of life insurance policy, such as term or whole life.
Which type of policy is considered to be overfunded?
Overfunded life insurance is when you pay more into a policy than is required. Permanent life insurance policies, such as whole life insurance or universal life insurance, have a cash value component. So, by overfunding your policy, you contribute more to the cash value.
What happens if a life insurance policy failed the 7-pay test?
It is possible that a contract that requires seven level annual premiums will fail the 7-pay test because the statutory net level premium will be less than the actual premium paid. Once a policy has failed the 7-pay test, it becomes a MEC and remains a MEC for the life of the contract.
What type of life policy covers 2 lives?
Survivorship policies, also called second-to-die life insurance, are a form of joint insurance coverage that only pays a benefit after the second person passes away.
[PDF] Part 1 - IRS
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[PDF] n-09-47pdf - IRS
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[PDF] ACLI Talking Points
ACLI Talking Points www acli com/-/media/acli/public/files/ pdf s-public-site/advocacy/7702_caa_updates_012621b pdf Consolidated Appropriations Act Updates to Internal Revenue Code Section 7702 Why is it important to consumers to protect permanent life insurance?
[PDF] Section 7702 & 7702A: An Update - SOA
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[PDF] Griffith Ballard & Company
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