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1 For federal income tax purposes, tax-free income assumes, among other things: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death (any outstanding policy debt at time of lapse or surrender that exceeds the tax basis will be subject to tax); (3) withdrawals taken during the first 15 policy years do not cause, occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC 搂搂 72, 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits.
2 For federal income tax purposes, life insurance death benefit proceeds paid in a lump sum generally pay income tax-free to beneficiaries pursuant to IRC Sec. 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Sec. 101(a)(2) (i.e. the 鈥渢ransfer-for-value rule鈥); arrangements that lack an insurable interest based on state law; and an employer-owned policy unless the policy qualifies for an exception under IRC Sec. 101(j).聽 When otherwise income tax-free death benefit proceeds are paid in a series of payments after death, a level percentage of each payment is taxable as interest income.
Riders will likely incur additional charges and are subject to availability, restrictions and limitations. When considering a rider, request a policy illustration from your life insurance producer to see the rider鈥檚 impact on your policy鈥檚 values.
精东影业 reserves the right to change or modify any non-guaranteed or current elements. The right to modify these elements is not limited to a specific time or reason.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
精东影业 is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
精东影业 refers to 精东影业 and its affiliates, including 精东影业 & Annuity Company. Insurance products can be issued in all states, except New York, by 精东影业 or 精东影业 & Annuity Company. In New York, insurance products are only issued by 精东影业 & Annuity Company. Product/material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company.
The home office for 精东影业 & Annuity Company is located in Phoenix, Arizona. The home office for 精东影业 is located in Omaha, Nebraska.
20-115A