Company life insurance policy

Life Insurance ESOPs ESOP Services, Inc.

Life insurance is commonly used to fund buy-sell agreements in privately-held companies. Life insurance is often considered not only as a funding vehicle for buy-sell agreements but for ESOP repurchase obligation funding as well. The decision as to which entity is to own the insurance, as well as how the insurance proceeds are to be used, must be carefully made. ESOP-owned life insurance is certainly attractive in the short run since the premiums on the insurance will be made with pre-tax dollars, if ERISA limits are complied with. In addition, any potential problem with Alternative Minimum Tax is avoided if the ESOP is the beneficiary. These advantages are almost always outweighed by the...

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Life Insurance E A Stevens Company Inc - Serving Malden, Massachusetts

Life Insurance Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living. Advantages of the Death Benefit It provides income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind. It can also provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced...

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FACT CHECK: Dead Peasant Insurance

In April 2002, the Wall Street Journal published an article titled “Companies Profit on Workers’ Deaths Through ‘Dead Peasants’ Insurance,” describing what was then a little-known practice wherein large companies purchased corporate-owned life insurance (or COLI) policies on low-level employees in order to garner tax breaks and profit from their deaths (even if those employees had long since ceased working for the companies that took out the policies). That article addressed the more colorful name by which the practice had become more widely known in subsequent years, “dead peasant insurance,” and how it grew to become common after regulatory changes in the 1980s: The practice is as...

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Did your employer take out a life insurance policy on YOU?, Clark Howard

Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here. Though most people don’t know it, employers have a practice of taking out life insurance policies on their employees so they can collect money in the event of their untimely death. And we’re not talking about the kind of policies you might expect on key players like executives or other big wigs. We’re talking about life insurance policies on rank-and-file workers. The practice of taking out such policies on common workers has led to this field of...

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Everything You Should Know About Corporate-Owned Life Insurance

Life insurance provides financial protection for millions of people in America and around the world. Not all life policies are purchased by individuals; many companies and other institutions also use life insurance for various purposes, such as to provide liquidity. But the rules that pertain to corporate ownership of life insurance are somewhat more complex than for individual or group policies. This article examines the history, purpose and taxation of corporate-owned life insurance (COLI) in America. Nature and Purpose of COLI As the name states, COLI refers to life insurance that is purchased by a corporation for its own use. The corporation is either the total or partial beneficiary...

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