While both types
of insurers typically offer broadly similar
life insurance policies and provisions, as we shall see, the
ownership structure
of mutual
life insurance companies puts these insurers in a position to
take a different approach to managing their businesses and offering
policy features than that
taken by stock
life insurers.
Incidents
of Ownership In life insurance and annuities, the right to exercise any of the privileges of policy ownership, including the right to change beneficiaries, withdraw cash values, take policy loans, make assignment, etc.) Incidents of ownership can be major estate planning factors for policyowners who wish to transfer policy ownership from themselves to another person or a trust, thereby removing the policies from their
Ownership In
life insurance and annuities, the right to exercise any
of the privileges
of policy ownership, including the right to change beneficiaries, withdraw cash values, take policy loans, make assignment, etc.) Incidents of ownership can be major estate planning factors for policyowners who wish to transfer policy ownership from themselves to another person or a trust, thereby removing the policies from their
ownership, including the right to change beneficiaries, withdraw cash values,
take policy loans, make assignment, etc.) Incidents
of ownership can be major estate planning factors for policyowners who wish to transfer policy ownership from themselves to another person or a trust, thereby removing the policies from their
ownership can be major estate planning factors for policyowners who wish to transfer
policy ownership from themselves to another person or a trust, thereby removing the policies from their
ownership from themselves to another person or a trust, thereby removing the
policies from their estates.
It is common amongst business partners to
take out «key man»
life insurance policies on each other to both ease the burden
of loss on the company, and to help cover the taxes on transfer
of ownership to the remaining partner or partners.