Middlesex Massachusetts Split-Dollar Life Insurance

Name: Middlesex Massachusetts Split-Dollar Life Insurance
Brand: US Legal Forms
Rating: 4.85 (463 reviews)

Category:

Corporations - Public - Disclosure and Notices

State:

Multi-State

County:

Middlesex

Control #:

US-CC-24-263D

Format:

Instant download

Description

This sample form, a detailed Split-dollar life insurance document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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FAQ

Split-dollar life insurance is an agreement between two parties to share the costs and benefits of a permanent life insurance policy. Often, the agreements are between an employee and an employer, with the split-dollar plan showing up in an executive compensation package.

Generally, under a split dollar plan, a permanent life insurance policy's death benefit and cash values are split between the owner and non-owner of the life insurance contract. Typically, one party has the cash flow to fund the majority of the policy premiums.

The split-dollar arrangement could allow the employee to borrow from the cash value, provided it exceeds the assigned collateral portion. Since the employee owns the policy, at retirement, he/she can decide then whether to allow the policy to expire or take over the premium payments.

Split-dollar plans are frequently used by employers to provide supplemental benefits for executives and to help retain key employees. Split-dollar plans also require record-keeping and annual tax reporting. Generally, the owner of the policy, with some exceptions, is also the owner for tax purposes.

The endorsement split dollar plan is one that is owned by the employer. The premiums are paid by the employer and the beneficiary is listed as the employee.

There are 2 types of split dollar plans. Collateral assignment / loan regime. Endorsement split dollar / economic benefit regime.

Split-dollar life insurance is a contract between two or more parties to split the ownership and benefits of a permanent life insurance policy with a cash value component.

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Middlesex Massachusetts Split-Dollar Life Insurance

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Who owns a split dollar policy?

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What is the benefit of split dollar life insurance?

Who is the owner of a split dollar policy?

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Who is the beneficiary in a split dollar life insurance policy?

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