Sentences with phrase «where key man life insurance»
There are a few different types of businesses where key man life insurance is a very good idea.
https://www.termlife360.com/ Not exact matches
It is useful in key man situations where the need for life insurance is temporary, usually 15 - 30 years, and the business is interested in getting cash back when the insurance is no longer necessary.
Furthermore, key man insurance and other employer - owned life insurance is specifically covered under Section 1.264 - 1 (a) and states the premiums paid for life insurance on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.
In some cases, key man life insurance coverage may also include a policy provision where the insured individual may be changed — without the need to cancel the policy.