The landscape of the life insurance industry continues to evolve in 2021, as we had expected. The relief bill put out by Congress at the end of 2020 enacted several (somewhat unexpected) changes to the life insurance industry, the primary change being an update to Section 7702 of the Internal Revenue Code. As a reminder of what Section 7702 is and what those changes entailed, below is an excerpt from my last article.
Section 7702 Internal Revenue Code
Updated September 7, 2023, at 11:31 AM Of course, the first part of the title is the famous first line to one of the greatest stories ever written, A Tale of Two…