- Life insurance premiums are not deductible for the business or business owners.
- The life insurance contracts are owned by the business owners and are subject to the individual owners’ creditors.
- There is usually a corresponding increase in basis for the surviving business owner(s).
- When there are more than two owners, multiple life insurance contracts must be purchased for each owner. For example, if there are three owners, each owner would need to purchase two life insurance contracts – one for each of the other owners.
- This information is general in nature and should not be considered tax or legal advice. You should seek advice from your tax and legal advisors regarding your own specific situation.
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Universal life insurance
Universal life insurance is a kind of permanent life insurance coverage that provides flexible protection and cash accumulation that you can adjust as your needs change.
What's in the Box?℠
Members ages 25-40 can feel good about getting a surprise delivery twice a year. Each box supports the community in some way, while helping members become aware of a cause, learn something new and/or interact with family, friends or neighbors.