Not Your Average Financial Podcast™

Episode 219: The 7702 Changes – Disaster or Christmas Miracle?

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In this episode, we ask:

  • What about the smoke-filled room in Chicago’s Blackstone hotel?
  • What happened at the end of 2020?
  • What is the 7702 rule?
  • How does this affect life insurance?
  • When was this last changed?
  • What is the amount of premium that can fund a policy and stay in-force based on life insurance expenses and assumed interest rates?
  • Is it an investment?
  • Is it life insurance?
  • What happened in 1984?
  • What has changed in the last three decades?
  • What about government bond yields?
  • What about insurers?
  • What about guarantees?
  • Did the life insurance industry advocate for this rule?
  • What is the relationship between how much can you contribute and the amount of death benefit that the policy purchases?
  • What happens at age 121?
  • What are the assumptions?
  • What about the guaranteed interest rate?
  • What about 4% over the last few decades?
  • What happens when interest rates are very, very low?
  • What about operating a sustainable and profitable business?
  • How high were interest rates in the early 1980s?
  • How do life insurance companies generate profits?
  • What about bonds?
  • What happened after the peak in 10 year treasury yields?
  • What was the dilemma?
  • What about reflecting current economic realities?
  • What about making sure that life insurance can persist into the future?
  • What am I not saying?
  • What about the insurers ability to offer new policies?
  • What about a story?
  • What about dividend rates?
  • What about cash value?
  • What about guaranteed cash value accumulation?
  • What about a higher premium?
  • Can you go a lot farther?
  • Can you build cash value more efficiently?
  • What about less expense?
  • What happens from year 2021 and beyond?
  • How does this impact new policies?
  • What happens to existing policies?
  • What can you do with new policies?
  • What about the future of higher tax?
  • Would you like to meet with Mark? Schedule A Meeting

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