Tax Facts

65 / What is a “life insurance contract” for purposes of the death benefit exclusion for contracts issued after December 31, 1984?

Under IRC Section 7702, for death proceeds of a life insurance contract (including an endowment contract) issued after December 31, 1984, to be fully excludable from the beneficiary’s gross income, the contract generally must be a life insurance contract under applicable state (or applicable local foreign) law and must meet one of two alternative tests: the cash value accumulation test ( Q ...
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