Certain employees are extremely valuable to a business due to their knowledge, skill set, or investment in the company. Therefore, arming these employees with life insurance can protect a business that may suffer financial loss if the employee becomes unable to work due to disability or death. The Mechanics of a Business Split-Dollar Life Insurance … Continue reading Protect Your Business with a Split-Dollar Life Insurance Plan
In our last article, we introduced group term life insurance plans and how any employer, large or small, could implement this as a means of providing benefits to employees. We discussed advantages and disadvantages under these group term plans, particularly how such plans do not offer much flexibility in providing additional benefits for key employees. … Continue reading A Deeper Look at Group Carve-Out Plans
Across the country, employers are looking for ways to provide life insurance for their valuable employees. From the largest corporation to the smallest local business, employee insurance policies represent a benefit or “perk” of employment at a given business. That solution may be a group carve-out plan, says Geoff Thompson of Synergistic Life Services. The … Continue reading What is a Group Carve-Out Plan?
One of the primary risks to a financially-secure retirement is the rising cost of healthcare. Paying for a healthcare facility can be the largest expense of their entire lives for people in retirement. For those who are not in retirement, inflation costs add an additional level of concern. Now is the time to plan for … Continue reading Choosing the Best Long-Term Care Facility
Many retirees have found that with inflation and rising health care costs, their planned income for retirement is not meeting their needs. Some have turned to reverse mortgages to supplement their retirement income. What is a Reverse Mortgage? A reverse mortgage is a loan taken out on a home that allows the homeowner and spouse … Continue reading Use Your Home as Disposable Retirement Income
The successful businessman, Andrew Carnegie, stated, “Take away my factories, my plants; take away my railroads, my ships, my transportation; take away my money; strip me of all of these, but leave me my men and in two or three years, I will have them all again.” Carnegie understood that in order to be successful, … Continue reading How to Solve Executive Benefit Planning Issues
Not a type of insurance policy, per se, a business split-dollar life insurance plan is used by a business when an arrangement allocates that a life insurance policy benefits and premium costs are made between an employer and a valued employee. Typically, an employer assists certain employees in purchasing a business split-dollar life insurance plan. … Continue reading How to Use a Split-Dollar Life Insurance Plan for Your Business