While life insurance cannot be owned in a Simplified Employee Pension (SEP) or Individual Retirement Accouct (IRA), IRS regulations do allow the inclusion of life insurance policies in some profit sharing and defined benefit plans. These plans tend to be complex to administer and need to adhere to strict rules that require the life insurance protection provided be only “incidental” to the retirement benefits provided by the plan.
Life Insurance Retirement Plans can be very complex and may not be the best option given your current financial situation or goals. Get in touch with a Primero representative to determine the best strategy for you.