Making Sense of the Section 7702 Changes
It’s no surprise that falling interest rates have put pressure on life insurers, but some of that pressure came from an unlikely place – Section 7702, the Internal Revenue Code section that defines life insurance for tax purposes. Companies selling Whole Life successfully lobbied for much-needed modifications to Section 7702 to reflect the current economic environment, but those modifications, passed at the end of 2020, are poised to present both new challenges and opportunities for all permanent life insurance products.
In his exclusive LISI Webinar, Bobby Samuelson, Editor of The Life Product Review and a nationally-recognized expert on life product design, will review the implications of the recent revisions made to the minimum interest rates used in Section 7702. Some of the topics he will cover include the following:
· How will whole life products be impacted?
· What will be the impact on accumulation UL and VUL products?
· How will protection-focused UL and VUL be impacted?
· Will carriers use GPT or CVAT for accumulation illustrations?
· How will the change impact targets and commissions?
· Will Private Placement products be affected?
· How will carrier pricing models change?
· How could the competitive landscape in the life space change?
Bobby is an Editor of The Life Product Review. He is a frequent keynote speaker at industry and corporate conferences, has authored and co-authored articles for publications such as Trusts & Estates and has been quoted in the Wall Street Journal. Bobby is also the President of Life Innovators, an independent life and annuity product development company. Prior to reestablishing The Life Product Review in late 2017, Bobby was Senior Vice President and Head of Product Development and Pricing at Brighthouse Financial, formerly MetLife's US Retail division. He and his team developed, priced, filed and supported all new and inforce life and annuity products sold by Brighthouse Financial, including fixed, indexed and variable annuities and whole life, universal life and term life insurance products. During his tenure, Brighthouse released one of the industry's first retail Life products with true asset-based compensation and Brighthouse's first fee-based annuity, both without surrender charges. Bobby was a key constituent in crafting AG49 with the goal of creating more realistic and consumer friendly IUL illustrations. Before joining MetLife in 2013, Bobby was an author, speaker, and consultant to life insurance companies, independent distributors, producers and high-end clients and their advisors. He also published The Life Product Review, a weekly newsletter providing qualitative and quantitative reviews of life insurance products and strategies. He started his career at National Financial Partners (NFP) and is the 3rd generation of his family to work in the life insurance industry.
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