Disclosures: (1) Securities offered through Raymond James Financial Services, INC., member FINRA/SIPC

(2)Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

(3) Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Greenberg & Rapp Company and Eagle Rock Wealth Management are not registered broker/dealers and are independent of Raymond James Financial Services.

(4) Private Placement Life Insurance (“PPLI”) and Private Placement Variable Annuity (“PPVA”) products are unregistered securities made available by Raymond James to eligible investors only. Such investors include “Accredited Investors” as defined under Rule 501 of Regulation D of the Securities Act of 1933, including “Institutional Investors” under FINRA Rule 2210(a)(4) and, in certain cases, “Qualified Purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940. Prior to consideration, investors should carefully review the issuing insurance company’s Private Placement Memorandum (PPM) and all accompanying materials, including the investment risks described therein. These products may not be suitable for all investors.

(5) Private Placement Variable Annuity pre-death distributions in the form of partial withdrawals are considered a distribution from the policy and therefore could potentially cause a taxable event. The amount to be distributed from the contract will be on a “gain first” basis. Any built-up gain in the contract will be distributed first, and then basis will be distributed to the extent that the distribution amount exceeds the gain. Depending upon the policyholder’s tax status, the amount of gain that is distributed could be taxable at the policyholder’s income tax rate.

(6) Private Placement Life Insurance pre-death distributions in the form of partial withdrawals and policy loans are available from a non-MEC life insurance policy. Policy loans typically do not create taxable income. Policy loans, whether or not repaid, may have a permanent effect on a policy’s cash surrender value and death benefit. Partial withdrawals from a non-MEC are typically treated as non-taxable return of basis first and taxable gain second. However, please note that IRC 7702(f)(7)(B) specifies certain situations that may reverse this treatment for partial withdrawals made during the first 15 policy years.