Summary: S.284 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for S.284. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (01/30/1991)

Amends the Internal Revenue Code to require that payment under a life insurance contract on the life of an insured who is terminally ill 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 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.

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.