Did you know that Division-1 Football Coach Jim Harbaugh agreed to take his bonuses from the University of Michigan in the form of premium payments into an overfunded life insurance policy?
Jim is so happy because the University of Michigan agreed to pump in $2,000,000 of premium per year into Jim’s policy for 6 straight years.
That’s $12,000,000 of over-funded premium that will grow in Jim’s policy immune from taxes and provide him with tax-exempt distributions in the future.
You can read the full story by ESPN below, but this ought to show you that something really good is going on with life insurance when it’s designed properly.
Jim’s policy is not an anomaly either. Clemson University did the same thing for Dabo Swinney (for only $1,000,000 of annual premium) right after he helped them win the championship.
Overfunding life insurance designed for max cash value really works!
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