IBC Is Not A Gimmick

By L. Carlos Lara

In April of 1987, a newspaper ad ran in the Wall Street Journal with the following almost unbelievable bold headlines: “All Life Insurance Lets You Provide For Your Children—Ours Lets You Buy Toys Of Your Own.” This ad was so ostentatious in its message that it became Exhibit A in a Senate Hearing before the Subcommittee on Taxation and Debt Management on March 25th, 1988. The final outcome of these proceedings led to a dramatic change in the Internal Revenue Code treatment of life insurance unmatched by any other since the industry’s inception.

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