Key Person Insurance
The future of your company could be significantly impacted by the death of a key executive, manager, or sales person. Key person life insurance provides much needed funding to find a replacement, offset lost profit, or satisfy loan guarantees of the key person or others. We can assist you in identifying your key personnel and what your potential risk would be. In addition, we can help you design a program that will minimize this risk.
Have you reviewed your buy-sell agreement recently? Many companies have included buy-sell arrangements in their shareholders agreements but have never taken the next step in funding these obligations. Let us assist you in determining the best approach to satisfy this need. We will analyze your situation and determine what strategy will work best for your company.
Business Overhead Expense
Is your business dependent upon you being there and generating revenue? How do you cover your overhead expenses such as rent, interest expense, payroll, e.t.c. if you are too sick or too hurt to work and are not generating revenue? A Business Overhead Expense policy can resolve this problem by providing funding to cover these overhead costs in case of a prolonged illness or injury. These policies provide time for you to get well or make other arrangements in case of a permanent illness that will prevent you from returning to work.
Your greatest asset is your ability to work and earn a living. No financial plan can be fulfilled if there is not an income source available to fund it. Many rely on their employer to satisfy this need with group long term disability coverage. However, that may not be enough. Most of us cannot survive on 60% of our income less taxes. In reality, group long term disability will only replace about 45% of your current income.
Consider an individual disability policy to supplement what your employer may be providing. Individual disability insurance provides a tax-free benefit most often to your social security retirement age if you were to become too sick or too hurt to work. Let one of our associates discuss your options and how this secures your income even if you are unable to work.
Non-Qualified Executive Compensation Plans
Do you have a key employee that you don't want to lose to a competitor? Do you want to provide a future reward to a set of employees for the hard work and contribution they provided to the success of your business? If so, a non-qualified executive compensation plan may be the answer. Let us analyze your current situation and develop a plan that provides future funding for those employees indispensable to your business.