How To Buy Split Dollar Life Insurance and Why It’s Worth Taking A Look.

Split Dollar Life Insurance
Adhesive notes inside a pile of 100 dollar bills with insurance types

How To Buy Split-Dollar Life Insurance and Why It’s Worth Taking A Look.

Life insurance helps reduce the financial impact of death on your family. Split-dollar life insurance helps pay for funeral costs and other expenses that are associated with the death of a loved one. It also allows you to customize your payout by dividing the payout amount into yearly payments, monthly payments, or even weekly payments. Here’s how to buy split-dollar life insurance and why it’s worth looking into.

What is Split Insurance

Split-dollar life insurance is a type of term life insurance that you can buy to help pay for funeral expenses, medical bills, and other legacies. Instead of paying back the full amount within a fixed period of time, split-dollar pays back different amounts each year over a specified number of years.  life insurance is also beneficial because it allows you to customize your payout.

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How to buy dollar life insurance

Split-dollar life allows you to divide your payout into yearly, monthly, or weekly payments. The payout amount is typically based on a set of factors including the deceased’s age and health at the time of death.

To buy split-dollar, you’ll need to have an agent with expertise in this type of insurance who can help you decide how much coverage you need for these purposes and what kind of coverage would be most beneficial for your situation.

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The benefits of split-dollar insurance

Split-dollar life insurance is a type of life insurance that divides the death benefit into yearly, monthly, or weekly payments. This method can help save money on funeral costs and it also allows the payout to be customized to the needs of your family. The key benefit is that it reduces the financial impact of death for your family in the event of your passing.

Why it’s worth switching to split-life insurance.

life insurance is a type of term life insurance that pays out a predetermined amount of money to your beneficiaries if you die. In contrast, whole life insurance policies are more expensive and pay out a larger amount in the event of death. dollar life insurance allows you to customize your payout by dividing the payout into payments over a specific period of time. You can do this every year, every month, or even per week. With a split dollar, you are able to use the policy as an additional way to supplement retirement funds or other long-term income sources.