Background
在最近和一个公司客户的遗产计划审查中, 我被介绍到一个非常独特和有利可图的概念. 作为一名员工福利律师, 我定期起草支持买卖协议的文件, 执行福利计划, 以及不合格的递延薪酬计划. While company-owned life insurance (“COLI”) has not always been an everyday part of my practice, COLI is becoming increasingly common 和 desired by many corporations 和 individuals.
有一个领域的公司人寿保险规划，通常是我关心的一个短期问题如何与一个相对简单的解决方案(定期保险), 当它成为一个长期或永久的问题时，解决它? These situations often arise with buy-sell arrangements when the owners are owners until death. 起草一份买卖协议是一个基本过程, 但是，如果相关战略没有精心制定或计划，为解决方案或公司收购提供资金在财务上可能会很麻烦.
When there is a permanent insurance need, permanent insurance should be placed. After weighing in ages 和 health considerations as part of the equation, 有些保险费会变得相当昂贵. 如此高的保费带来的负面影响是，除非有人在合同期限的头几年去世，否则保费支付是账簿上的一笔借方，几乎没有什么好处. Some policies take 7 to 10 years before the parties even reach a break-even point.
Premiu美元融资的概念
如果我告诉你，有一种方法可以购买人寿保险，并支付相关保费，而不会大量消耗你的资产，让这些资产继续创造财富? 这当然是可能的，被称为“溢价融资”. 通过实施溢价融资战略, 我的企业客户将不会直接支付保费，而是将委托一家贷款机构代表其支付保费.
The following is a brief illustration of the premium financing concept:
假设我的客户的主要高管, 58、60岁男性, 作为股票赎回计划的一部分，每一家公司都需要一份500万美元的寿险保单来支付或履行其买卖义务. Rather than advising my client to directly pay the applicable premiums, 我通常建议公司利用溢价融资，利用银行提供的服务和策略.
If my corporate client paid these premiums directly or in a traditional sense, the combined annual premium to fund each of the key executives’ lives would be $318,072. These premium payments are due every year until one or both executives have passed away. It is not difficult to see what the issues are at this level 和 what has concerned me over the years.
At this point in the analysis, I consider the following financial implications for my client:
我是否建议我的客户支付全年保费, 或者我建议我的客户只支付保险费的年利息，并利用保险费融资来弥补差额? 2021年该计划目前的利率约为2.35%，第一年的年利息成本为7,473美元.28. 这给了我的客户保留310,598美元的灵活性.72 as corporate assets yet still obtain the requisite life insurance protection.
溢价融资相关法律问题
溢价融资的概念是无价的, 只要关键动力, 复杂性, risks 和 legal components are recognized 和 considered prior to engaging this strategy.
与保费融资, the first goal is to research 和 engage a life insurance company to insure my client. 然后，我们与银行的服务进行接触，这些银行有能力恰当地构建设计，以满足客户的特定需求. 这是至关重要的保险公司, 贷款机构, 和 legal counsel are all on the same page with regard to the overall strategy 和 goals. Typically, I prefer to have 8 to 10 banks 和 8 to 10 insurance companies as potential options. This creates leverage 和 ultimately the best deal for my client. 而我的客户正在接受医疗保险, I will typically complete 和 submit a file of financial documentation for lender approval. This allows the bank to obtain adequate assurances that the proposal is financially suitable.
一经批准可办理人寿保险及贷款, the bank will research the amounts to be loaned from year one to year three. 银行将对现金增长做出某些假设, 但最终，银行的贷款金额与人寿保险合同中可用现金金额之间将存在差额. 在政策发展的前几年, 银行将持有该保单的担保转让. 在任何情况下，该行都不希望被“拖垮”, 因此，它通常要求客户提供抵押品，以覆盖保单交还值和贷款金额之间的桥梁. 复一年三, 双方只需每12个月审查交还价值和贷款金额之间的差额，并相应地调整抵押品的价值.
抵押品可以以多种形式抵押, including: stock or other investment instruments; real estate; investment properties; 和 even other life insurance policies. 如果对客户来说更有效率的话, 我们可能决定获得担保资产的信用证(“LOC”)，以便客户和银行可以顺利地继续贷款过程. 例如, if my client wants to pledge a portion of its investment account with ABC Holdings, we will attach the LOC to the specific portion of the account pledged. 同时, the investment account will continue to be managed at ABC Holdings with no restrictions on trading. 每年, 签发LOC的银行将希望执行自己的审查，以确保其在LOC中的陈述在财务上仍然准确并得到支持. 在大多数融资结构中, the bank will be paid in full out of a portion of the death benefit, 尽管提前偿还贷款的选项通常存在.
不涉及与被保险人的担保质押或财务担保有关的确切法律细节, I do want to point out that in order to minimize any potential gift tax exposure or incident of ownership, 我确保在我的客户的档案中包括证明贷款可以在没有质押或保证的情况下获得——但利率更高.
Federal tax law takes the position that a contingent liability cannot be taken into account for tax purposes unless it matures; thus, a contingent liability can only result in tax consequences when it becomes fixed or is paid (e.g.，借款人拖欠贷款). Given the considerable amount of due diligence performed prior to implementing a premium finance strategy, 我相信任何违约风险都是极低的.
关于人寿保险单的事, 大多数银行将希望实现索引通用人寿(“IUL”)政策，因为它提供了S&P 500 Index, with the downside protection to hedge against a down market. Most IUL contracts will have a floor of 1% (downside protection) but will cap the rate at about 12%. When looking back 25 years, most policies have achieved more than 7.7%的整体增长，使用这一战略.
当我从头到尾审查溢价融资策略，并评估其对客户或潜在客户的成功可能性时，我确保涵盖所有潜在风险, 现在还是将来. When advising any client or potential client regarding life insurance matters 和 related issues, 由于潜在的好处，几乎所有的公司和个人都愿意承担一定程度的风险.
在我之前的例子中, 使用58岁和60岁的公司男性, 根本不存在无风险的解决方案. 如果我的委托人选择不给他们保险, risk is assumed because no funds will be available for the buy-sell agreement. 多年来, 个人会为彼此购买定期保险——本质上就像创可贴一样——但仍然存在相当大的风险，因为个人肯定会活过合同的期限.
When weighing the alternatives of paying premiums out-of-pocket vs. using a premium financing strategy, a few important issues arise. 在传统的付款计划中, 存在“长寿风险”, 意思是如果客户活得比预期长, his or her internal rate of return (“IRR”) decreases substantially. If the individual lives too long, the premium could exceed the death benefit. 相反, 有一个适当的融资结构, the loan is typically going to be paid off upon the insured’s death, 所以死亡抚恤金每年都会增加. 换句话说, 客户活得越久, the greater the death benefit that should be made available to his or her beneficiaries.
Regardless of whether the client pays premiums out-of-pocket or finances the life insurance plan, performance risk should always be at the forefront of any decision. The rate of return (“ROR”) inside the life insurance policy must perform at a reasonable pace. I have seen stress tests performed on these plans with RORs run well below the historical average, 再加上借款利率的提高. 我对溢价融资策略如何在不太有利的经济条件下发挥作用感到满意. 从整体或全局的角度来看, 很难想象许多情形, 即使在最严峻的经济形势下, where a premium finance structure will not have less out-of-pocket cost 和 与使用传统或自付保费的替代结构相比，给受益人留下更多的价值.
在本质上, 溢价融资策略为我的客户提供的重要价值是，它继续保留公司资产，并允许这些资产增值, 但与此同时，我的客户正在准备未来的收购或其他义务在财务健全和法律合规的方式. Based on my research 和 experience with the premium financing concept, 我知道这个策略对于许多想要计划未来业务需求的客户来说是非常有利的，他们有必要的资产作为相关贷款的抵押品.
最终的想法
My role as legal counsel in a properly structured premium financing plan is only part of the equation. 在某些情况下, I establish a new entity in conjunction with the premium financing to accomplish my client’s specific objectives. 在某些遗产计划中, 当目标是对冲潜在的遗产税时，我可能会推荐一个不可撤销的人寿保险信托(ILIT). 此外, 我看到越来越多的人使用大肠杆菌, 包括由保费支付的人寿保险, to informally fund nonqualified deferred compensation plans for corporations 和 their key executives.
作为过程的一部分, 重要的是让寿险专业人士和银行在保费融资方面有丰富的知识和经验. Finally, I always make sure to carefully research the life insurance companies involved. There can be a significant difference in not only underwriting results, 而是政策的规划和执行——以及最终的结果, 人寿保险受益人剩余多少.
For additional information regarding premium financing, contact 员工福利 & 写律师 艾米丽兰登 通过发邮件 elangdon@softqatest.net 或者打电话 .
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作者: 艾米丽兰登
艾米丽R. 兰登
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elangdon@softqatest.net
本文仅供一般参考之用，且(1)不构成或建立律师-当事人关系, (2)不打算作为招揽, (3)无意传达或构成法律意见, 和 (4) is not a substitute for obtaining legal advice from a qualified attorney. 在采取行动之前一定要寻求专业顾问.