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Article: Coming back strong: sales of last-to-die life insurance rebounded greatly in 2004, fueled by estate-tax uncertainty and old-fashioned industry innovation.(Life: Survivorship Life)(Limra International on its survey of estate taxes and life insurance)
- Article from:
- Best's Review
- Article date:
- June 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 A.M. Best Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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No one knows what the future holds for estate taxes in the United States, but that uncertainty didn't stop insurers last year from dramatically increasing their sales of survivorship life products, the kind of insurance best suited for estate planning.
According to marketing and research organization Limra International, survivorship sales rose 19% in 2004, the fourth year that a 2001 law has been lowering estate tax rates and raising amounts of family assets exempt from estate taxation. The sales increase reverses sales declines of about 26% in 2001 and 11% in 2002, and it builds upon a 1% increase in 2003. Elaine Tumicki, corporate vice president heading ...