Archive for June, 2011

Policy Owner vs. Insured vs. Beneficiary vs. Payor

June 2nd, 2011 1 comment

It seems like my team and I are regularly answering questions regarding policy ownership and beneficiary designations.

Here are a few situations from the past month or so:

Agent: My client wants to buy a $1,000,000 policy in the company on a key man and have the company pay for it and make his family the beneficiary of half of it as a perk.

Bill: Key man isn’t claiming any of the premium as income?

Agent: No.

Bill: Who told you that was a good idea?
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