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How to Modify Split Dollar Agreement

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In this video, Jamie Hopkins and Steve Parrish discuss split dollar life insurance, a planning technique known to many financial advisors but less familiar to others outside the insurance or business planning fields. Split dollar life insurance involves a partnership where one party has a financial need and another has the resources to cover costs. Historically, this approach was widely used for retirement, death benefit, and estate planning until the IRS intervened in 2003, indicating that its application was becoming excessive. This led to increased regulations surrounding its use.

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How should I split my life insurance?

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%.

How to split life insurance?

In a split-dollar plan, an employer and employee execute a written agreement that outlines how they will share the premium cost, cash value, and death benefit of a life insurance policy. Split-dollar plans are frequently used by employers to provide supplemental benefits for executives and to help retain key employees.

What is group term life insurance?

Group term life insurance is a type of term insurance in which one contract is issued to cover multiple people. The most common group is a company where the contract is issued to the employer who then offers coverage as a benefit to employees.

What is the difference between term and group term life insurance?

Individual policies are owned by an individual person and within this category, you can choose between permanent (or whole) and term policies. Group life insurance, on the other hand, typically comes in the form of an employer-sponsored life insurance policy you receive as a benefit through work.

What are the disadvantages of group term insurance?

Cons Explained Often limited amount of coverage: Group term life insurance typically doesnt provide as large of a death benefit as you can get on your own. Depending on how much life insurance you need, it might be wise to purchase an individual plan as well.

What does split life insurance policy mean?

A split-dollar life insurance plan is an agreement between an employer and an employee in which they hold joint ownership of a permanent cash-value life insurance policy, including its benefits and premiums.

Can you split a life insurance policy?

A split-life insurance plan is a contract used to show how life insurance will be shared among beneficiaries. Two types of split-life insurance plans include an economic benefit arrangement and a loan arrangement. Typically split-dollar life insurance plans are created by an employer and employee.

Is group term life insurance a good idea?

Group term life insurance is a good benefit to have, but there are some limitations to keep in mind. Because group coverage is linked to employment, if you change jobs, stop working for a period of time, leave to open a business, or retire, then the coverage will stop.

How do you allocate life insurance?

If you decide to have more than one beneficiary, you will allocate a percentage of the death benefit for each, so that the total allocation equals 100%. A simple example of this would be allocating 50% to your partner, and 25% to each of your two children, for a total of 100%.

What is a split-dollar plan?

A split-dollar life insurance plan is an agreement between an employer and an employee in which they hold joint ownership of a permanent cash-value life insurance policy, including its benefits and premiums.

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Modify Split Dollar Agreement