A form of life insurance co-ownership that allows one party, often the
employer, to help another person carry life insurance protection. Generally,
the insured pays the portion of the premium attributable to the life insurance
protection while the other party pays the portion attributable to the cash
value buildup. At the insured's death, an amount of the proceeds equal to
the cash value is paid to the other party with the remaining amount paid to the
insured's beneficiaries. This approach provides protection in a permanent
life insurance contract at a very low cost to the insured.