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Question 2 of 3 in Tax Implications |
How do I identify a tax-qualifed plan? |
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This can vary from state to state and company to company. Generally there will be a prominent statement that the plan is either a qualified plan or that it is not intended to be a qualified plan. At least one state requires that, before a non-qualified plan is issued, the policyholder must sign a separate document indicating that he or she did not intend to apply for a qualified plan. Finally, after you receive the policy, you should read it to ensure that it is the plan you intended to purchase -- whether qualified or not. You are legally afforded the time to do this.
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