A bill to amend the Internal Revenue Code of 1986 with respect to the treatment of accelerated benefits under life insurance contracts.

Summary

Amends the Internal Revenue Code to require that payment under a life insurance contract on the life of an insured who is terminally ill or who has a dread disease be treated as a death benefit, making such payment eligible for tax exclusion from gross income. Provides that any reference to life insurance shall be treated as referring to a qualified terminal illness or dread disease rider. Provides for the tax treatment of such riders. Describes such a rider as one which provides for payments to an individual upon the insured's becoming terminally ill or having a dread disease. Provides that applicants for or recipients of assistance under the Social Security Act may not be required to elect to receive accelerated death benefits under life insurance policies.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 November 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 November 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 November 1993

  Open at official source

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