IRC Section 7702 (Life Insurance Contract Defined) | Tax Notes
IRC Section 7702 (Life Insurance Contract Defined) | Tax Notes
4 months ago
taxnotes.com
Most people don’t know this 👀 - the U.S. Tax Code has a section written specifically for life insurance: IRC 7702 ✅ It sets the rules that make life insurance legally “life insurance.” ✅ It’s the reason your policy’s cash value can grow tax-deferred. ✅ It allows you to access funds without triggering income tax when structured properly. ✅ And it’s why your family receives a tax-free death benefit. In short: 7702 is what gives life insurance its powerful financial advantages-protection and strat
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New Section 7702 Legislation Makes Major Changes to Life Insurance in 2021
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