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How to Protect Split Dollar Agreement

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Jamie Hopkins and Steve Parrish discuss split dollar life insurance, a planning technique that combines the financial needs of one party with the payment capabilities of another. This approach has historically been used in retirement, death benefit, and estate planning. However, concerns arose regarding its overuse, leading the IRS to impose regulations after 2003. The technique, while familiar to many advisors and students from insurance or business planning backgrounds, may not be well understood by all. The discussion aims to clarify the implications and practical applications of split dollar life insurance within financial planning.

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What is an example of a viatical settlement?

For an example of a viatical settlement, consider someone who is diagnosed with a terminal illness and faces high medical bills to cover treatment and medical care. To cover these costs, the individual may decide to sell their life insurance through a viatical settlement.

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.

How much is paid in a viatical settlement?

Viatical settlements usually net the policyholder between 60% and 90% of the policys face value. Settlements are paid out in a single lump sum. Payouts are sometimes referred to as living benefits.

How does a variable life insurance policy work?

Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash-value account with money that is invested, typically in mutual funds. As a permanent life insurance policy, variable life insurance pays a death benefit to your beneficiaries when you die.

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.

How does a viatical settlement work?

A viatical settlement allows you to invest in another persons life insurance policy. With a viatical settlement, you purchase the policy (or part of it) at a price that is less than the death benefit of the policy. When the seller dies, you collect the death benefit.

How do you qualify for a viatical settlement?

To be eligible for a viatical settlement, the policyholder must be terminally ill or chronically ill with a life expectancy of fewer than two years. Most types of policy types qualify for a viatical, including term life. The average payout of a life insurance sale is 4-6 times the policys cash surrender value.

Who benefits from a viatical settlement?

The buyer of a viatical settlement pays the seller a lump sum cash payout and pays all future premiums left on the life insurance policy. The buyer becomes the sole beneficiary and cashes in the full amount of the policy when the original owner dies.

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