Thursday, March 8, 2012
Stay on top of life insurance taxation changes
Looking ahead there is potential for a lot of changes in the tax code that could effect life insurance to a large degree. Those in congress are the ones attempting to make these changes, changes that could effect both the life insurance provider and life insurance policy holders. The current economic environment is a hot button issue for the 2012 elections the result of which could have drastic changes to the codes we are accustomed to.
Congresses main objective is to develop a tax code that encourages growth and strengthens international competition. It seems to be agreeable that tax expenditures are the way to elevate some the defecate.
As it is set up now, a life insurance policy is not taxed while it is building revenue, rather it's only taxed when the policy is collected on. Life insurance death benefits are also excluded for taxation. But this and other reserved funds like retirement savings are being considered as an inclusion in the tax expenditures. The current administration is looking to fill a $1.5 Trillion hole. In the administration 2012 budget proposal they speak of modifying the dividend-received deductions for a life insurance company separate accounts. It also suggest eliminating life insurance owned by corporations by broadening the prorate unrelated interest dis-allowance for corporate owned life insurance, also known as COLI. These changes are sure to progress within the next few months and staying on top of them is of utmost importance.
Some would say the best way to combat uncertain times is ensure a steady stream of income. Some would also argue that the best way to ensure a steady stream of income is to have a steady stream of new customers. That is where Leads2Results comes in. Our life insurance leads can help. We have the top of the line life insurance leads available to you in a number of forms. We have internet generated real time life insurance leads, and we are now offering life transfer leads. If your working on a tight budget we might suggest our aged life insurance leads.
We Look forward to working together. Sign up for a free account today at www.leads2results.com or call on of our life insurance leads specialist at 1-800-486-8616