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Equitable Bank aims to bring insurance-backed loans to the masses - Insurance Portal

Equitable Bank aims to bring insurance-backed loans to the masses By Alain Thériault | August 08 2019 11:30AM Since December 2018, Equitable Bank has been promoting a line of credit guaranteed by the surrender value of a whole life insurance policy to the Canada-wide advisor network. The concept is not new: Most large banks and firms dedicated to advisors, such as B2B Bank and Manulife Bank, already offer such loans. Equitable Bank says it stands out from its rivals by offering more flexible underwriting criteria to advisors’ clients, to target John and Jane Q. Public. The bank approves a line of credit with a minimum of $15,000 and no maximum. Insured need not show proof of income to...

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IRS provides life insurance companies simplified accounting method change procedures

Rev Proc 2019-35, 2019-35 IRB The IRS has provided insurance companies with simplified procedures to obtain automatic consent to accounting method changes for life insurance reserves, amounts computed under Code Sec. 807(c)(3), and specified policy acquisition expenses under Code Sec. 848, when the changes are necessary to comply with Code Sec. 807 and Code Sec. 848 as amended by the Tax Cuts and Jobs Act (TCJA, PL 115-97 ). The procedures apply to an insurance company’s first tax year after December 31, 2017. Background. Section 13517 of the TCJA amended Code Sec. 807(d) to provide a new method for computing life insurance reserves. The amendment is effective for tax years...

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CPF Allocation Rates: Here s How They Change As You Grow Older And How It Affects Your Retirement Planning

Living in Singapore, many of you should be familiar with the Central Provident Fund (CPF). Akin to a “forced savings” scheme, the CPF is a mandatory social security system that enables working Singapore Citizens and Permanent Residents (PRs) to set aside funds primarily for their retirement, as well as for their healthcare, homeownership, family protection, and asset enhancement. The CPF is made up of three accounts: Ordinary Account (OA) – for housing, investment, insurance and education. Special Account (SA) – for retirement and investments. MediSave Account (MA) – for hospitalisation expenses and approved medical insurance. On your 55th birthday, a fourth account, the Retirement Account...

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