Many business owners have corporate life insurance, but surprisingly few can explain exactly what they own, why they bought it, or whether it still fits their current situation.

In this episode, I sit down with tax lawyer Kelly Caruk, to demystify the world of corporate-owned life insurance. Together, we break down the terminology, explain the tax implications, and discuss how insurance can be a powerful tool for business succession, estate equalization, shareholder buyouts, and tax-efficient wealth transfer.

Whether you've been paying premiums for years or are considering insurance for the first time, this episode offers a practical foundation for understanding how these products work and the questions you should be asking your advisory team!

We cover:

- The difference between term insurance and permanent insurance

- What whole life, participating whole life, and universal life policies actually do

-  How corporate-owned insurance can help fund shareholder buyouts

- The role of the Capital Dividend Account (CDA)

And so much more!

If you are looking for information on personal life insurance, check out this episode from Season 2: Insurance 101