Abstract: A method for use in connection with an insurance product under which an insurer will provide death benefits to employees of an employer includes creating an irrevocable trust as a welfare benefit fund; purchasing a whole life insurance policy, the whole life insurance policy being owned by the irrevocable trust; and creating a restricted property agreement, the terms of the agreement providing that contributions will be made to the trust sufficient to cover at least a base policy premium of the whole life insurance policy for a designated period of time, wherein the base policy premium of the whole life insurance policy constitutes the qualified direct cost.