The COVID-19 global pandemic has changed life insurance underwriting. This is not necessarily a bad thing. The lack of available or willing paramedical examinations has actually made the underwriting process much easier for the majority of applicants. Conversely, the tightening of underwriting guidelines for another segment of the population has created new challenges. It has also created a tremendous sense of urgency for those clients. Both underwriting changes should make life insurance sales faster and easier for everyone involved.
The new SECURE Act just changed the rules governing after-death distributions of tax qualified money, including IRAs and 401(k)’s. The new law accelerates the time in which taxes must be paid on this money.
|•||Have your clients planned for this new 10 year distribution rule?|
|•||Have you planned for the loss of stretch IRA business?|
|•||We’ve uncovered four ways life insurance can mitigate the tax impact to your clients and minimize taxes to the IRS.|