Estate Tax Uncertainty Equals Opportunity for Some Insurers.While Congress has approved a phasing out of the estate tax, an air of uncertainty still exists, which some insurers see as an opportunity. When Congress agreed on a tax bill on May 26, it included gradually increasing the exemption level-from the current $675,000 to $1 million in 2002 and $3.5 million by 2009-and lowering the rates-from today's top rate of 55% to a cap of 45% by 2007. The full repeal The Annulment or abrogation of a previously existing statute by the enactment of a later law that revokes the former law. The revocation of the law can either be done through an express repeal is only for one year; then in 2011, the estate tax would be reinstated, and the rest of the tax-cut package would go away, "unless 60 Senators vote to continue this legislation," said Peter Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. of Principal Financial Group. "From a marketing standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , if complete repeal were permanent, then that could potentially have a negative impact on us." But the uncertainty before the estate tax reform was passed didn't hurt Principal. "Based on our sales results, no, we haven't seen a decrease in the sale of estate-planning products," Leo said. Last fall, some of the top producers who specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the for Clarica Life Insurance Co. had customers decline to purchase policies used in estate planning because of talk that the estate tax might go away, said Dan Peterson Dan Peterson (Born January 9,1936, in Evanston, Illinois, Illinois) is a former head coach of professional basketball in Europe. He is currently employed as an analyst of NBA basketball for Sportitalia. , vice president of sales and marketing for the U.S. unit of the Canadian life insurer. But "uncertainty created a market for us," Peterson said. In April, Clarica unveiled the "Wait & See" Survivorship survivorship n. the right to receive full title or ownership due to having survived another person. Survivorship is particularly applied to persons owning real property or other assets, such as bank accounts or stocks, in "joint tenancy. Universal Life product. The policy guarantees that the cash value at the end of the "wait-and-see" period will be equal to the premium paid. Policyholders may cash in the policy if the estate tax is eliminated, but if the insurance need continues, they are guaranteed continued coverage. Lincoln National Life Insurance Co. is focused on the affluent market. "For the first quarter, based on Limra statistics, we were the largest seller of second-to-die life insurance," said Dennis Catanzano, vice president of product research and evaluation for Lincoln National. |
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