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7702 insurance is a hybrid between life insurance and a retirement savings product. Like most life insurance products, it pays a set benefit when you die, but in this case also provides living benefits including Terminal Illness, Chronic Illness, Critical Illness and Critical Injury. Along the way, it also builds up cash value at a better accumulation rate than a typical annuity. The income from a 7702 policy is also income tax free, whereas annuity and pension income is taxable.