7702 changes now in effect for SecureCare UL Effective today, November 1, 2021, the guaranteed interest rate on new SecureCare Universal Life (SecureCare UL) applications was updated to comply with the Consolidated Appropriations Act of 2021, which lowers the interest rate assumptions used in Section 7702 of the Internal Revenue Code. SecureCare UL’s new guaranteed interest rate is now available in the illustration software. All new applications will receive the new guaranteed interest rate. In order to receive the old guaranteed interest rate, an application must have been received no later than October 29, 2021, and it must be approved,
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7702 changes for SecureCare UL
7702 changes go into effect Nov. 1 for SecureCare UL Effective November 1, 2021, the guaranteed interest rate on new SecureCare Universal Life (SecureCare UL) applications will be updated to comply with the Consolidated Appropriations Act of 2021, which lowers the interest rate assumptions used in Section 7702 of the Internal Revenue Code. How will these changes impact SecureCare UL benefits? Long-term care (LTC) benefits: The new guaranteed interest rate will have no impact on the LTC benefit pool. Regardless of whether an applicant receives the old or new guaranteed interest rate, the amount of LTC coverage they receive will
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7702 changes for SecureCare UL
7702 changes go into effect Nov. 1 for SecureCare UL Effective November 1, 2021, the guaranteed interest rate on new SecureCare Universal Life (SecureCare UL) applications will be updated to comply with the Consolidated Appropriations Act of 2021, which lowers the interest rate assumptions used in Section 7702 of the Internal Revenue Code. How will these changes impact SecureCare UL benefits? Long-term care (LTC) benefits: The new guaranteed interest rate will have no impact on the LTC benefit pool. Regardless of whether an applicant receives the old or new guaranteed interest rate, the amount of LTC coverage they receive will
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How Section 7702 Changes Will Impact the Life Insurance Industry
In this Advanced Markets Minute, we look at the changes that were made to the definition of life insurance under Section 7702 of the Internal Revenue Code. Perhaps some of you have heard about the changes that were made. If you have, you may have even heard that this will allow more money to go into the cash value of life insurance. Or maybe you’ve heard that it is a good thing for whole life insurance. Maybe you’ve heard nothing or are just confused about the whole thing. This article should help you understand the changes and how they affect
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