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T SPLITDOLLAR LIFE INSURANCE AGREEMENT (COLLATERAL ASSIGNMENT, EQUITY, TERM LOAN) CU M EN FOR FINANCIAL PROFESSIONAL USE ONLY FOR PUBLIC DISTRIBUTION. Specimen documents are made available for educational

How to fill out split-dollar life insurance agreement

How to fill out split-dollar life insurance agreement:

1. Obtain the appropriate form: Begin by obtaining the split-dollar life insurance agreement form from a reputable insurance provider or download it from their website. Ensure that the form is specific to split-dollar arrangements.
2. Fill out the personal information: Provide the necessary personal information such as your full name, address, date of birth, and social security number. Include the same details for the other party involved in the agreement.
3. Specify the insurance policy: Enter the details of the insurance policy that will be used in the split-dollar arrangement. This includes the policy number, the insurance company's name, and the face amount of the policy.
4. Determine the type of split-dollar agreement: There are various types of split-dollar arrangements, such as economic benefit, loan regime, or equity. Indicate the type of split-dollar agreement that will be used, ensuring it aligns with the intentions of both parties.
5. Specify the premium payment structure: Outline how the premiums will be paid for the insurance policy. The options can vary depending on the chosen split-dollar agreement. It could involve a single party paying the entire premium or a shared payment structure.
6. Outline the ownership rights: Determine the ownership rights of the insurance policy by specifying the percentage ownership allocated to each party involved. This will impact the distribution of policy benefits and any tax implications.
7. Indicate the beneficiary designations: State the beneficiaries who will receive the policy benefits upon the insured's death. List the primary beneficiaries and contingent beneficiaries with their full names and contact information.
8. Review and sign the agreement: Take the time to carefully review all the information provided in the split-dollar life insurance agreement. Ensure its accuracy and completeness before signing it. Both parties involved should sign and date the agreement to make it legally binding.

Who needs split-dollar life insurance agreement?

1. Individuals in business partnerships: Business partners often use split-dollar life insurance agreements to fund a buy-sell arrangement, ensuring a smooth transition of ownership in the event of one partner's death.
2. Key employees and employers: Split-dollar agreements can be used as an employee benefit to attract and retain key employees. Employers may offer split-dollar life insurance to provide supplemental retirement benefits or as part of an executive compensation package.
3. Family members or friends: Split-dollar agreements can also be employed within family members or close friends, allowing them to share the costs and benefits of a life insurance policy. This can be helpful in ensuring financial security for loved ones or to facilitate estate planning strategies.

In conclusion, to fill out a split-dollar life insurance agreement, one must obtain the appropriate form, provide personal information, specify the insurance policy details, indicate the type of split-dollar agreement, determine the premium payment structure, outline ownership rights, designate beneficiaries, review, and sign the agreement. Split-dollar agreements are commonly used by individuals in business partnerships, key employees and employers, as well as family members or friends looking to share the costs and benefits of a life insurance policy.

For pdfFiller’s FAQs

What is split-dollar life insurance agreement?

Split-dollar life insurance agreement is a contractual agreement between two parties, typically an employer and an employee, to share the costs and benefits of a life insurance policy.

Who is required to file split-dollar life insurance agreement?

The employer is typically required to file the split-dollar life insurance agreement.

How to fill out split-dollar life insurance agreement?

The split-dollar life insurance agreement should be filled out with the details of the policy, including the names of the parties involved, the terms of the agreement, and the costs and benefits to be shared.

What is the purpose of split-dollar life insurance agreement?

The purpose of split-dollar life insurance agreement is to provide life insurance coverage while allowing the parties to share the costs and benefits of the policy.

What information must be reported on split-dollar life insurance agreement?

The split-dollar life insurance agreement must include details such as the names of the parties involved, the policy details, the cost sharing arrangement, and any other relevant information.

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