Robert Beck

  • Robert Beck, Prudential, Chairman and Chief Executive Office
    • [RE: Vanishing Premium]
    • (p6069) – Under some permanent insurance, contracts being sold today, the chances are you could stop paying after 7, 8, or 9 years and the insurance would remain in force for the rest of your life without further premium payments.
      • (at approx. 2:27:00-2:27:30) – [VIDEO-CSPAN] – Impact of Tax Reform on Insurance Industry

1985 0719 Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA)  —  [BonkNote]

  • Cecil Heftel (D-HI)
    • …..unfortunately, I think that we are misunderstanding what will happen from taxing the build-up because I think the product will disappear, and so I don’t understand where Treasury comes up with revenue figures based on the fact that people will continue to buy the product and that sales people will continue to sell the product.
    • It is my assumption that the product simply won’t be sold.
      • Sales people I have talked with indicate that they just simply will sell something else, but they won’t be selling whole life.
  • Robert BECK, Prudential, Chairman and CEO:  That is right. (p6069)

1985 0719 Impact of Tax Reform on Insurance Industry, Pete Stark (D-CA)  —  [BonkNote]