Self-Owned Life & Retirement Insurance Arrangement (S.O.L.A.R.)Lee Rogers
A Self Owned Life & Retirement (S.O.L.A.R.) Insurance Arrangement is an arrangement where an executive purchases a Voya Indexed Universal Life-Global Choice (Voya IUL-Global Choice) policy, issued by Security Life of Denver Insurance Company, to provide death benefit protection and to help accumulate funds for retirement. The arrangement can be funded through employer contributions (as a §162 bonus plan), through after-tax contributions from the executive, or a combination of both. While premium payments must be treated as ordinary income, the executive can borrow money from the Voya IUL-Global Choice life insurance policy to pay income taxes. The executive can use the policy as a source of supplemental retirement income, as a source of survivorship benefits, or both.
Self-Owned Life & Retirement Insurance Arrangement (S.O.L.A.R.)Lee Rogers
A Self Owned Life & Retirement (S.O.L.A.R.) Insurance Arrangement is an arrangement where an executive purchases a Voya Indexed Universal Life-Global Choice (Voya IUL-Global Choice) policy, issued by Security Life of Denver Insurance Company, to provide death benefit protection and to help accumulate funds for retirement. The arrangement can be funded through employer contributions (as a §162 bonus plan), through after-tax contributions from the executive, or a combination of both. While premium payments must be treated as ordinary income, the executive can borrow money from the Voya IUL-Global Choice life insurance policy to pay income taxes. The executive can use the policy as a source of supplemental retirement income, as a source of survivorship benefits, or both.