Did you know life insurance companies provide some of the best solutions for business owners? Here are a few of the top plans I recommend to business owners.
Key Person Policies
Purpose: Protects the business against financial loss due to the death or disability of a key employee.
Benefits: Provides a financial cushion to help the business recover, recruit a replacement, or cover other financial obligations.
Executive Bonus Plans
Purpose: Rewards key executives by paying premiums on a life insurance policy owned by the executive.
Benefits: Provides a valuable employee benefit, and the executive has access to the policy's cash value or death benefit.
Purpose: Allows business owners to provide additional compensation to key employees, often in retirement.
Benefits: Life insurance may be used as a funding vehicle for deferred compensation, providing a death benefit to the employee's beneficiaries.