Split Dollar Insurance

Online Guide to
Split Dollar Insurance

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Split Dollar Insurance
Split Dollar Insurance (n. - definition) - a plan in which the costs and benefits associated with owning a life insurance policy are split between an employer and employee.
Split Dollar Insurance

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  • Split Dollar Insurance plans are plans whereby both the employer and the employee “split” and share the costs and “split” and share the benefits associated with owning a life insurance policy.

  • Split Dollar Insurance Plans are non-qualified plans (NQDC).

  • There are no ERISA (Employment Retirement of 1974) requirements since plan is non-qualified.

  • The employer can discriminate as to who participates in a Split Dollar plan and the employer has freedom to select the employee(s), including themselves, who are to be the beneficiaries of plan.

  • Typically, the employer pays the premium less the amount associated with the PS 58 rate or the insurance company’s annual renewable term rate, which is paid by the employee. However; the employer as an option can bonus additional “salary” to cover any tax liability.

  • Generally, these types of plans are used as supplemental plans to other company or organization retirement plans; however, they can stand alone and can be incorporated in various ways into employer benefit programs.

  • Split Dollar plans can be used to fund: family insurance needs, non qualified retirement plans, cross purchase buy-sell agreements, estate liquidity and wealth transfer plans.

  • Split Dollar plans are simple to install, do not have major reporting, have no significant filing requirements, and no IRS approval is required.

  • Through a “Collateral Assignment” and or the “Endorsement Method” policy ownership, cash values and death benefits can be structured in various ways to accommodate the interests of the employer and the employee.

  • Split Dollar Insurance plan policies are state specific, and not all insurance companies offer deferred compensation plan policies to companies and or organizations in all states.

  • The death benefit payable to a beneficiary upon the death of the insured is dependent on the claims paying ability of the issuing life insurance company.

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Copyright © 1998-2007. Split Dollar Insurance Information Guide. All rights reserved.

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