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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.
dollar life insurance agreement (or ?splitdollar plan?) is a strategy generally used as an employer benefit or for estate planning involving life insurance. It's an agreement between two or more parties to share the ownership, costs, and benefits of a permanent life insurance policy, like whole life.
Split-dollar insurance plans: In an economic benefit arrangement, the employer owns the policy, covers the premiums, and has the authority to grant the rights and benefits. For example, an employer may permit the employee to name their beneficiaries, ensuring that the employee control who receives their death benefits.
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.
In collateral assignment split dollar, the policy in the split dollar plan is owned by the insured. In return for its payment of premiums, the insured policyowner assigns the policy to the employer as collateral.
This endorsement split-dollar plan is most often used to provide a low-cost death benefit to the employee-participant as a fringe benefit or where the employer wishes to own the policy and/or obtain key person protection.
Most often, the premiums are paid by the employer, and the benefits are split between the employer and the family of the deceased.