![]() ![]() 7702 is the section of the Internal Revenue Code (the tax code) that addresses the tax rules surrounding life insurance contracts having a cash value component to them. That’s just a made up name to try to make a cash value life insurance policy look as legitimate as a 401(k) or 403(b) plan for retirement saving. In short, your gut reaction is probably all you need to know at a high level about these “plans.” If anything sounds too good to be true in the investment or savings space, well… Still, let’s look a little closer at this subject so that you can get a sense of just how full the truckload of nonsense was that got dumped on you in the presentation with your friend’s wife.įor starters, there is really no such thing as a 7702 plan. Is this something I should consider investing in? What information do you have in regards to the 77a plan? Everything they said seemed too good to be true. I understand it is life insurance that seems like it can act as a savings account or a retirement plan. I have recently had a friend ask me to sit in for a financial advice presentation in order to help his wife, in the presentation they offered a product known as a 7702. ![]()
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