Idaho Split-Dollar Life Insurance
Description
How to fill out Split-Dollar Life Insurance?
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FAQ
Split-dollar life insurance is an agreement?rather than a policy?between an individual and employer (or trust) using permanent life insurance. The employer pays all or most of the premiums while retaining an interest in the policy's cash value and/or death benefit.
Split Dollar Loan Regime Agreement & Contract Generally, at the employee's death, the employer receives a portion of the death benefit (usually equal to the total premiums plus interest from the loan) and the employee's beneficiary receives the balance.
With a classic split-dollar plan, the employer pays some of the premium (the part that is equal to cash value), while the employee pays the rest. If the employees dies, or the plan is terminated, the surrender cash value is paid to the company, and the death benefits are paid out to beneficiaries.
Split-dollar payment arrangements generally take one of two forms: The employer pays the premiums and owns the contract. The employer receives reimbursement of the premiums upon the employee's death, and the employee's beneficiary then receives the balance of the insurance proceeds.
The best way is to contact the policy's issuer (the life insurance company). Their records are key: even if you see your name listed on an old policy document, the deceased may have changed their beneficiaries (or the allocation of benefits among those beneficiaries) after that document was printed.
Employers are responsible for making split-dollar life insurance premiums, regardless of the plan's type. However, it is important to note that under loan arrangements, employees must repay the premiums via collateral assignments made to their employer.
While split-dollar life insurance arrangements offer numerous advantages, they also come with potential drawbacks, such as complexity, tax considerations, and limited availability. Both employers and employees must carefully weigh the benefits and disadvantages of this type of arrangement before deciding to pursue it.
