Discover life insurance as a tax free asset

Article Abstract:

Life insurance products provide a valuable tax shelter benefit while still providing insurance protection. Insurance products that are especially beneficial because they emphasize cash value include universal life, whole life and variable life. Each of these insurance policies gradually increase cash value while at the same time helping to reduce premiums. Additionally, each of these insurance products must meet tests established by the IRS if they are to be called life insurance products.

Analysis, Interpretation and construction, Insurance policies

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Mortal danger: between the burgeoning viatical settlements market and the tacit danger of beneficiaries tempted into harming insureds, insurers must find ways to safeguard the secondary markets for life insurance and annuities

Article Abstract:

Life insurance firms need to take into account the risks associated with secondary markets for annuities and life insurance. Only licensed insurers can market morbidity- or mortality oriented contracts and the insured need to cooperate with insurance firms to evaluate the mortality or morbidity risk. Life insurance purchasers need to have an insurable interest in the proposed insured and insurance owners can hold or sell an annuity contract or a life insurance after legally acquiring them.

Insurance industry, Life insurance industry

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Split-dollar headaches following key IRS ruling

Article Abstract:

In Jan 1996, the Internal Revenue Service issued a Technical Advice Memorandum ruling that employees must include the excess cash surrender value of split-dollar life insurance policy returnable to them on their tax returns. Split-dollar life insurance is an employee benefit plan for which an employee includes the annual premium cost as income on tax returns. Defined contribution cash transfers, employee contributions, and death benefits are not affected.

Public Finance Activities, Personal Income Taxes, Income tax, Personal income tax, Split-dollar life insurance, Split dollar life insurance

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