A split dollar agreement is a type of life insurance agreement where two or more people split or divide the costs and benefits of a particular policy among themselves. The agreement is made between these people who clearly state the amount contributed by each of them and the returns they will receive, so that there is no conflict in the future regarding the proceeds. This type of agreement is very helpful for people who cannot afford to pay the full premium payment of an insurance policy and through this agreement they are not only insured but also do not have to bear the entire pressure of the costs.
The agreement also helps insurance companies as they are able to sell large policies to a person who otherwise would not have been able to afford it by himself. Many companies use this arrangement to split the costs between them and their employees, thereby enhancing the workers’ benefits packages.
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Sample Split Dollar Agreement
Split Dollar Agreement
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