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DEFINITION of 'Bank-Owned Life Insurance-BOLI'. A form of life insurance purchased by banks where the bank is the beneficiary, and/or owner.This form of insurance is a tax shelter for the administering bank, as it is a tax-free funding scheme for employee benefits.Next Up.ll premiums paid into the fund, as well as all capital appreciation, are tax free for the bank. Therefore, banks can use the BOLI system to fund employee benefits on a tax-free basis.
ï Bank-Owned Life Insurance (BOLI) is a special type of life insurance where the Bank is the owner and beneficiary of the policy. ï BOLI is an asset of the Bank and is normally funded with a single payment. ï Most BOLI policies do not have premium loads and do not have surrender charges.