Upcoming Legislation Changes Reduces Tax-Exempt Allowance for Life Insurance
Significant changes to the tax-exempt legislation for life insurance are coming into effect Jan 2017.
Having the appropriate plans in place can therefore be significantly more beneficial to you if set up in 2016. This means policies approved and issued in 2016 are grandfathered with the higher tax-free benefits, but be aware that most insurance companies need about 3-4 months to get through this underwriting & approval process.
