While the recent enactment of tax reform did not directly change the tax treatment of BOLI (i.e., cash value growth remains tax deferred and death benefits generally remain tax free), the reduction of the corporate tax rate from 35% to 21%, effective January 1, 2018, significantly impacts the economic attributes of BOLI. In this paper, we analyze the magnitude of impact in an effort to answer the question of whether the lower tax rates are likely to cause widespread surrenders.