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Business Insurance Coverage Descriptions
Key Man Insurance
Life and Disability Insurance Plans can be used to replaces the loss of a Key Employee due to death or disability.
Buy/Sell Plans (Business Continuation)
These agreements allow for the orderly buyout of a partners’ business interests in the event of a death, disability or retirement.
Executive Bonus Plans
Life Insurance is a creative method that can be used to compensate key employees. Many employers offer employer-paid life insurance to key persons, and premiums paid are tax-deductible to the business.
Deferred Compensation Plans
These plans allow executives to defer current compensation in order to fund additional retirement plans. The following three types of plans are the most common and offer many advantages to both employers and employees:
- Nonqualified deferred compensation plans allow the employer to set aside funds to benefit a select group of highly compensated managers. You can design this type of program for employee pretax salary deferral, employer contributions or both. You can also specify when benefits are to be paid (e.g., after the passage of a certain number of years or at retirement).
- Executive bonus plans can be used to compensate select employees, regardless of their income and position, by paying a cash bonus to the employee or by directly purchasing an investment on the employee’s behalf. The bonus is considered a tax-deductible expense to the employer and taxable compensation for the employee.
- Executive life insurance can be offered to key employees who are highly compensated and often have unique life insurance needs. To protect their families, they need a way to replace their compensation in the event of premature death.
The most common retirement plans are 401(k)s, Profit-Sharing Plans, Defined Contribution Plans, and SEPS. A Split-Dollar Agreement is a unique type of retirement plan funded by the employer; premiums, death benefit and cash values can be set up on a “split” basis between employer and employee.
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