District of Columbia Split-Dollar Life Insurance
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How to fill out Split-Dollar Life Insurance?
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FAQ
Life insurance policies can be split in several ways, depending on the type of policy you have. Most policies include equity, or cash value. In some cases, the cash value, as well as the death benefit, can be considerably large.
Yes, you can designate multiple beneficiaries when you purchase your life insurance policy. When doing so, you will assign each beneficiary a percentage of the death benefit.
If the policy has a cash value, you can elect to cash it out and split the proceeds with your ex. If there are children and one spouse takes primary custody and receives alimony or child support, maintaining a life insurance policy on the other ex-spouse can be a good idea.
Split-dollar life insurance can be a mutually beneficial arrangement for employers and employees, with each party gaining different advantages. For example, employees receive quality life insurance for little cost and may be able to access tax-efficient income through withdrawals or loans.
Reverse Split-Dollar Arrangements In a reverse split-dollar arrangement, the employer owns the death benefit and the employee owns the cash value.
Multiple beneficiaries For example, if you name your spouse, child and a local charity as primary beneficiaries, you might allocate 50% to your spouse, 30% to your child and 20% to the charity. No matter how you divide a life insurance payout among beneficiaries, the percentages must add up to 100%.
You might each decide to be both the owner and beneficiary for the other person's policy. If you have a cash value life insurance policy, you and your spouse may decide to terminate the policy and then divide the cash value equally.
Split the policy In some cases, it's possible to split a joint life insurance policy into two single policies in the event of a separation. This is a known as a 'separation benefit' or 'separation agreement'. It allows you to easily split the policy without having to provide any new medical information.