Life Insurance for Executives
An effective executive compensation tool to attract, reward and retain key executives.
To attract and retain key executives, it comes to no surprise that benefits weigh in their decision to join or not a company. Benefit packages typically include deferred compensation; however, employers may be missing on opportunities to provide coverage to highly compensated executives in the form of individual life insurance.
6 reasons why you should consider providing executive life insurance:
- Group insurance plans rarely meet the needs of executives;
- Combining group insurance with the right individual plan can help fill gaps;
- Employers can use individual life insurance products to create monetary value for themselves and their employees;
- Regular review of plans is imperative to verify performance against the company’s financial goals and to ensure that new financial opportunities are not missed;
- Executive life plans are often portable, provide higher coverage levels, and reduce executive taxation;
- While group plans generally only provide a pre-retirement benefit, most executive life plans also provide some reduced level of post-retirement benefit.
Generally, executives have higher incomes and often need greater protection than what is offered by an employer-sponsored group benefit program. By offering your key employees additional life insurance benefits, you increase the level of protection that better suits their needs. In doing so, your organization can set itself apart when it comes to recruiting and retaining top talent.
To learn more about Life Insurance, we invite you to reach out to us.