That is an excellent question! The answer is no, because the IRS prohibits it. However, there are retirement plans that do allow the plan to include life insurance. They are very closely watched by the IRS, and the premiums paid into the account must be a smaller percentage than what your employer contributes. The death benefit must also be small enough to be considered "incidental" to the value of the entire portfolio.The ways the premiums are invested are mandated, and it has to be an employer run plan. There are also tax differences from your normal, unqualified life policy. Thanks for asking!
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A life insurance policy is typically owned by a person, a life insurance trust, or a business (group coverage).
Please feel free to contact me if you have any other questions. Thanks very much.