In selling life insurance, some degree of negotiation of commission between sales person and consumer takes place in the form mixing permanent with term insurance in one policy, the term coverage carrying no commission to the agent, allowing the agent to trade off compensation in favor of enhanced cash value performance. Looking only at cash-on-cash return-premium contributions versus cash surrender value-this article finds that this form of commission negotiation does enhance client value in life insurance to varying degrees, but not in a predictable, consistent or statistically significant fashion.
During pendency of dispute over whether life insurance policy was part of liquidation estate, trial court did not err in finding appellant in contempt where appellant knew superintendent of Ohio Department of Insurance was claiming an interest, but nevertheless obtained the cash surrender value of the policy for his own use.
R G Barry Corp's (Barry), aka The Dearfoams Co, principal business is the design, manufacturing and marketing of "at-home" and "around-the-home" comfort footwear, principally slippers. Under the company chairman's management, annual revenues peaked in the mind-1990s at $150 million, with earnings of about 10% of sales. In 1999, however, the wheels started coming off what had been a very healthy, cash-rich company. From the inception of the company, Barry's primary lender was a mid-size regional bank, (the Bank), also headquartered in Columbus, OH. With the restructuring plan in hand, and using $2 million from the cash surrender value of an insurance policy as a lever, the president of the turnaround company was able to negotiate a four-week extension with the Bank. Now that the turnarou...
The IRS found in Letter Ruling 9604001 that the cash surrender value of a split-dollar life insurance plan that exceeds the funds owed to the employer is taxable under IRC section 83. Two alternative filing positions may be considered by taxpayers faced with income inclusion of excess split-dollar funds. The taxpayer may argue that the transfer from the employer to the employee occurs at the time of policy formation and not when the cash surrender value exceeds premium reimbursement. Taxpayers may also consider arguing that section 83 does not apply to collateral assignment split-dollar plans.
... 603 . Employee Retirement and Group Insurance . . . 604 . Deferred Compensation . . . 605... done, not for the purpose of enhancing the value of the land or the rights of way, but for the purp... Statement, and as an increase in column 6, ?Cash Balance.? If liquidated damages are obtained by wi... of the annual increase in the cash surrender value of the policy; provided such increase is les...
Beaver-based Greek Catholic Union -- the state's largest fraternal-benefit society -- has placed $12 million in liens on members' policies in an unusual bid to shore up a capital base wracked by financial markets. The balance-sheet maneuver equals an average $300 off the cash- surrender value, or 2 percent, of each member's life insurance or annuity contract. The society explained the liens in letters sent to its roughly 40,000 members within the last month.
Life insurance is not for the people who die, but for people who live. It's wise to explore options while you are still healthy. Health problems can make life insurance expensive or unavailable. Three forms of life insurance are most common today: Cash values can be borrowed (with interest charged) during the insured person's lifetime to help meet temporary or emergency needs. Funds borrowed reduce the death benefit and cash surrender value. This offers many traditional advantages of whole life insurance (such as protection for life), but also offers flexibility. Coverage amounts and premium payments are flexible to help meet changing needs during an insured person's lifetime (subject to certain conditions). Life insurance can provide cash to help with your family's immediate and long-t...
Many donors have used life insurance death benefits as an effective strategy to magnify their contributions to their favorite charities; however, life insurance settlements may provide a significant enhancement to that strategy. Life settlements, also known as viatical settlements, enable seniors to sell unneeded life insurance policies in a secondary market for an amount greater than the cash surrender value offered by their insurance companies. As life settlements grow as a viable means of charitable giving, more financial planners will realize they have a fiduciary duty to their clients to disclose the benefits of life settlements. To provide answers to client questions, it is imperative for financial planners to understand the regulation of the secondary market in their respective s...
Cash values can be borrowed (with interest charged) during the insured person's lifetime to help meet temporary or emergency needs. Funds borrowed reduce the death benefit and cash surrender value. Universal life insurance This offers many traditional advantages of whole life insurance (such as protection for life), but also offers flexibility. Coverage amounts and premium payments are flexible to help meet changing needs during an insured person's lifetime (subject to certain conditions). When you buy life insurance, you buy a promise of protection against financial loss caused by death. The promise is only as good as the company that stands behind it. In today's marketplace, life insurance buyers should be concerned about: Life insurance can provide cash to help with your family's imm...
Cash received from a surrendered whole-life insurance policy is not exempt from a debtor's bankruptcy estate, the 5th Circuit has ruled in applying Texas law. The debtor surrendered a whole-life insurance policy with a gross cash surrender value of $95,000 that named his wife as the beneficiary. He received a check for the final cash value of $27,000 but did not cash it. He and his wife then filed for bankruptcy and sought to exempt the check from their estate pursuant to Texas law.
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