North Carolina Split-Dollar Life Insurance

State:
Multi-State
Control #:
US-CC-24-263D
Format:
Word; 
Rich Text
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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

There is no cost to the employee-participant unless the policy is transferred to them. 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.

Common fringe benefits are basic items often included in hiring packages. These include health insurance, life insurance, tuition assistance, childcare reimbursement, cafeteria subsidies, below-market loans, employee discounts, employee stock options, and personal use of a company-owned vehicle.

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.

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 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.

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.

?Economic benefit? refers to how the IRS treats this type of split-dollar insurance agreement. It means your employer is giving you some benefit but not a loan. That means you'll be taxed on the value of the life insurance provided, and that value is determined by the IRS or the insurance company.

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North Carolina Split-Dollar Life Insurance