1988 0325 - GOV (Senate) - Tax Treatment of Single-Premium Life Insurance

  • 1988 0325 - GOV (Senate) - Tax Treatment of Single-Premium Life Insurance, (CSPAN) Single Premium Life Insurance, Max Baucus (D-MT)  ---  [BonkNote]
    • [PDF-199p, VIDEO-CSPAN] 
    • GAO - Taxation of Single Premium Life Insurance, Statement of Jennie Stathis - 15p
    • Senate - Committee on Finance - Subcommittee on Taxation and Debt Management
  • (p105) - Gordon G. Oakes, Monarch, Chairman of the Board and President
    • One whole life insurance brochure used by our agents in 1975, entitled the "Four in One Plan", does not mention insurance on either cover. - <WishList>
      • The back cover lists it benefits as, "retirement income, immediate estate, emergencies opportunities and self-completing it totally disabled.
      • Life insurance is only mentioned two places in the brochure, and odds are, if it could legally have been eliminated from the discussion, it would have been.
      • The words "death benefit" appear nowhere.
    • Advertising life insurance as a savings plan is nothing new. 

1988 0325 - GOV (Senate) - Tax Treatment of Single-Premium Life Insurance, (CSPAN) Single Premium Life Insurance, Max Baucus (D-MT)  ---  [BonkNote] --- p122

  • (p151) - Written Statement of the Connecticut Mutual Life Insurance Company
    • Single premium sales grew from 1984 through 1987 from just over $1 billion of premium to just under $10 billion, approximately doubling the sales for each preceding year.
      • More astounding, perhaps, is the fact that single premium sales from a small fraction of new premium for all forms of insurance to virtually rival sales of all other forms of insurance combined - which approximated $10 billion in 1987 .
    • More important, perhaps, are the facts cited in the GAO testimony indicating that more than half of single premium sales during 1986 were attributable to stockbrokers.  
  • (p188) - 1983 0318 - Statement of the Stock Company Group for the Record of the Hearing by the Subcommittee on Taxation and Debt Management Concerning Investment-Oriented Life Insurance
  • The Stock Company Information Group (the "SIG")  submits this statement for the record…
    • The SIG is a coalition of 21 investor—owned life insurance companies which was organized in 1981 to monitor tax legislative developments and to convey the views of its membership on life insurance tax issues to the various insurance trade associations and to the Government.
    • Taking into account its members' affiliated companies, the SIG includes a majority of the 50 largest life insurance companies in the United States.