- 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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Product
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.
Fraternal program
Do-Good Grant®
Members can apply to receive $200 in seed money to coordinate a small-scale volunteer project with family and friends. Modern Woodmen will award a limited number of grants per year on a first-come, first-served basis.