Sentences with phrase «key person life insurance policy»
But does your company need this kind of key person life insurance policy?
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Life Insurance Blog can assist you in going through the proper channels and establishing your company with the most suitable key person life insurance policy at the best rate.
On the other hand, if your company decides to sell the key person life insurance policy, you may have to pay taxes, depending on the size of the settlement, cash value of the policy, and the amount that's been paid in premiums.
If your company is the sole owner and beneficiary of a key person life insurance policy, there are no tax implications for the insured employee.
Key person life insurance policies are taken out by companies on their employees, with death benefits that are paid to the company, rather than to the insured person or to their estate or heirs.
If your company is the sole owner and beneficiary of a key person life insurance policy, there are no tax implications for the insured employee.
On the other hand, if your company decides to sell the key person life insurance policy, you may have to pay taxes, depending on the size of the settlement, cash value of the policy, and the amount that's been paid in premiums.
Buying a key person life insurance policy can be very helpful by making sure the company survives the loss of a key employee.
Another business continuation strategy is using a key person life insurance policy.
Your business would own and control the key person life insurance policy.
The death benefit from a key person life insurance policy is commonly used by the business to locate, train, and hire a new executive.
A key person life insurance policy is not a special kind of policy.
Key person life insurance policies are owned and paid for by the business, reducing the company's taxable income.
Letting them know there is two sides to the key person life insurance policy can be a great way of showing gratitude and, depending on how long the cash value policy is in force and how well it performs, can be a meaningful contribution to their retirement.
Since the employee in no way benefits from a key person life insurance policy, there are no tax consequences to the employee.
For Employees: When providing a key person life insurance policy, if the company itself is the sole owner and beneficiary, then there is no tax obligation for the insured employee.