[COLOR="DarkRed"]I am writing a FE policy for the owner of a small business with 4 employees.
He wants to provide $50 single - $100 family a month to each employee to be sure they have Life Insurance to provide protection to their family just as he is for his family.
I have never done this. Questions:
1) He doesn't want to be the Payor or anything else. Is his "bonus" tax deductible to his business?
2) Is the "bonus" taxable to the employee?
3) The employee will be owner of the policy.
4) He would like them to get Whole Life. Can he stipulate such?
5) Suggestions
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He wants to provide $50 single - $100 family a month to each employee to be sure they have Life Insurance to provide protection to their family just as he is for his family.
I have never done this. Questions:
1) He doesn't want to be the Payor or anything else. Is his "bonus" tax deductible to his business?
2) Is the "bonus" taxable to the employee?
3) The employee will be owner of the policy.
4) He would like them to get Whole Life. Can he stipulate such?
5) Suggestions
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