Corporations & Business Owners

Unlike many ERISA-based group benefits, there are options for providing higher levels of disability insurance coverage for key members of your team.  This can include more favorable multi-life premiums, reduced underwriting, and the ability to insure higher income levels.  They can also help provide a source of funds to help search for a specialized or hard-to-find replacement of a top executive.  Especially in more competitive industries, offering additional benefits like Executive Disability on top of your standard benefits can be an important factor when it comes to attracting and retaining top talent.

Traditional wellness programs are generally passive and designed for the masses.  When it comes to Executive Wellness, we have access to programs that provide active and engaging support for overall fitness - like hiring a dietician, a psychologist, and a personal trainer all-in-one.  This type of program is designed to increase energy and overall health, improve productivity, and reduce absenteeism.  In larger groups, programs like this have the potential to help lower health insurance costs, too, especially in self-insured groups.

What would you do if your partner or your top salesperson unexpectedly passed away tomorrow?  What losses would you incur and how expensive would it be to replace them?  Could it impact the viability of your business?  If you could both protect yourself against this potential financial loss and build tax-advantage retirement savings at the same time, would that be a strategy to consider?  Whether a business wants to protect against the financial hardship of losing an owner, executive, or key employee and/or provide additional, tax-advantaged retirement savings for top talent, COIL could be an effective option.  These products are frequently used to fund nonqualified plans such as deferred compensation and executive bonus plans.  As opposed to ERISA-based plans, these can be used selectively.  In fact, these strategies can be designed with high early cash values and no surrender fee, providing both tax-advantaged retirement savings and life insurance protection simultaneously.  For more information “Click here”.

With traditional ERISA-based retirement savings accounts [401(k), 403(b), 457, Profit Sharing, etc.] the general rule is that if you do something for the owners and top executives, you have to do something similar for all of the rank and file employees, too.  However, in companies where there are large numbers of lower income earners (like manufacturing or service industries) and/or highly compensated owners and executives who are restricted by contribution limits, Non-Qualified Deferred Compensation can be an effective tool for attracting, retaining, and rewarding key employees.  Often referred to as Golden Handcuffs or Golden Parachutes, these plans can be used selectively for a small group of top executives and provide options for additional, tax-efficient retirement savings.  Depending on your goals and corporate structure, these can include options like Section 162 Bonus Plans, SERP’s, Split Dollar Plans, and other deferred compensation options.  These are highly specialized plans, so please feel free to contact us for more information and options.