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A Practical Guide to Using Life Insurance in Business Planning

Gain an understanding of how life insurance can be utilized purposefully to accomplish a business' goals and objectives.

Many entrepreneurs and executives have heard of life insurance being utilized for business planning - but why? What is it about life insurance that differentiates it from other asset classes? Are those strategies still relevant today with interest rates and tax rates both at historic lows? What are those different strategies and how can they be used to accomplish a businesses' goals and objectives? This topic will start with an overview of life insurance in the business planning context. Businesses must optimize costs to better manage the bottom line, and so life insurance costs and charges will be considered. Since businesses have different legal structures, we will look at various plan designs. Finally, three realms of business planning will be explored in depth: buy-sell agreements, key person, and executive benefit arrangements. This information will provide you with a better appreciation for different planning strategies overall and hopefully you will come away with some good ideas to consider implementing.

87 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Life Insurance for Business Planning and the Current Landscape

  • Different Types of Permanent Cash Value Life Insurance: Whole Life, Universal Life, Variable
  • Costs of Insurance, Policy Charges, and Premium Loads and Comparisons Across Contracts
  • Impact From Changes to Section 7702 of the Internal Revenue Code

Business Entity Selection and Tax Implications

  • Differing Business Entity Selection: Sole Props, Partnerships, LLCs, Corporations
  • Tax Differences of Business Entity Selection
  • Specific Thoughts Post-Tax Cuts and Jobs Act and Impact of Contemplated Legislative Proposals

Buy-Sell Arrangements

  • Differing Forms: Entity Purchase Versus Cross Purchase
  • Differing Applications: i.e., Death, Disability, Divorce, Discord
  • How Life Insurance Is Unique as a Funding Mechanism

Key Person

  • General Background and Purpose
  • How to Determine the Face Amount
  • Ramifications of Employer-Owned Life Insurance and Obtaining Employee Consent

Executive Benefit Arrangements

  • Section 162 Bonus Plans/Restrictive Executive Bonus (REBA)
  • Non-Qualified Deferred Compensation/SERP
  • Split-Dollar Plans
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on June 24, 2021.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.0
     
  • HI CLE 1.25
     
  • ME CLE 1.0
     
  • NJ CLE 1.8
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ashok S. Ramji

Ashok S. Ramji

TOP Planning LLC

  • TOP Planning LLC
  • Focuses on life insurance, annuities, long-term care, and investment management
  • Member of the Society of Financial Service Professionals, The Investments & Wealth Institute, and Ed Slott’s Elite IRA Advisor Group
  • Designations include CFP™, RMA®, CLU®, ChFC®, and RICP®
  • Can be contacted at 877-234-PLAN or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407356
Published 2021
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