Important Update from Ray Caucci, |
Universal Life IRC Section 7702 Implementation Details |
The passage of the Consolidated Appropriations Act of 2021 reduced the minimum interest rate assumptions used to calculate premium limits under IRC sections 7702 and 7702A (IRC 7702), allowing for higher policy funding and higher premiums relative to the specified amount, without the risk of the policy losing its life insurance status or becoming a Modified Endowment Contract (MEC).
Upon completion of the system updates:
To help ensure a seamless transition and answer questions you may have, we prepared an IRC 7702 Implementation Guide with key new business and inforce policy dates and details. |
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Thank you for your patience in waiting for this information.
* All Protection VUL policies will issue with the new IRC 7702 rates when the product launches July 19, 2021. 3670008PM_Jul23
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