Life Insurance In Qualified PlansLife Insurance In Qualified Plans
Most people would like some life insurance. Problem is, no one really wants to pay for it. So, since the beginning of time, life insurance professionals have sought creative sources to pay for premiums, the brass ring being to find money that is not currently needed and use it to purchase a policy. If tax leverage can be achieved at the same time: jackpot! Many turn to qualified plans to purchase
May 1, 2007
Carolyn Lloyd-Cohen, principal, Carolyn Lloyd-Cohen LLC/Preferred Pensions LLC, Clifton, N.J.
Most people would like some life insurance. Problem is, no one really wants to pay for it. So, since the beginning of time, life insurance professionals have sought creative sources to pay for premiums, the brass ring being to find money that is not currently needed and use it to purchase a policy. If tax leverage can be achieved at the same time: jackpot!
Many turn to qualified plans to purchase their life insurance. This is particularly true for private business owners. And, naturally, one of their primary considerations with a plan's initial design is how it will benefit them as participants.
Buying life insurance in a qualified plan offers asse...
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