Life insurance policies with contractual maturity beyond age 100 more widely available
Article Abstract:
The IRS has remained silent as more insurance companies begin offering life-insurance extension riders and extended-maturity-date universal life policies that mature well beyond the insured reaching age 100. Under standard policies, an insured who lives to the maturity date faces a stiff income-tax liability calculated on the cash distributed, less the insured's basis in the policy. One regional IRS office has indicated that extending 'coverage beyond maturity' will disqualify the contract as life insurance.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
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Ratings lowered for Pru and Met: a closer look
Article Abstract:
The ratings of Prudential Insurance and Metropolitan Life have been downgraded from A++ to A+. Prudential's rating was lowered by Duff and Phelps and A.M. Best due to concerns about pending litigation and problems with the company's real estate limited partnership. Prudential also has a high number of outstanding claims. Best lowered its Metropolitan Life rating due to concerns over a reduction in new policies and the illegal marketing tactics used by Met agents in some states.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1995
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