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I saw mention of a “702 plan” as a retirement savings plan to be used in addition to, or as an alternative to, a 401(k) or IRA. I had never heard of a 702 plan before.
After just a little looking into it, I concluded that there really is no such thing as a 702 plan. The “702” in 702 plan is apparently a reference to section 7702 of the Internal Revenue Code. That code section defines life insurance contracts. (I think they left off the first “7” because calling it a 702 plan makes it sound more like 401(k) plan, and it’s easier to say, than “7702 plan.” That’s just a guess on my part.) So it appears to me that if someone is promoting a 702 plan, what they are really doing is selling life insurance. I’m not the only one who has reached this conclusion. I’m not commenting on the merits or demerits of life insurance. I’m just telling you that a 702 plan is life insurance, not a savings vehicle designed for retirement savings like a 401(k) or an IRA.
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