C-Suite Benefits Solutions
What are C-Suite Benefits?
Separate from company-wide benefits like health plans, income disability insurance, and executive bonus scheme, C-suite employee benefits are typically reserved for executives.
Never Be Caught By Surprise with Key Person Coverage
What is Key Person Coverage?
Every team member is important, but some key people are essential to your organization. Losing these individuals could have devastating financial consequences. Key person insurance coverage allows companies to provide a financial cushion while leadership determines a way forward.How Key Person Insurance Works
Key Person Insurance is designed to pay the policyholder, your business, upon the death of a key employee. This type of policy is often purchased for CEOs, company partners, employees who generate a significant portion of an organization's revenue, or individuals with highly specialized expertise who would be costly to replace.When should my business consider Key Person Insurance?
The most common situation is when a company seeks out a loan. The bank will require key person insurance as collateral. In the event of business disruption from the insured employee's death, the policy benefit goes towards repaying the loan first.An Executive Bonus
Consider this scenario: Your executive employees are in high demand. An executive bonus plan using cash value life insurance can be a cost-effective way for you to provide your key employees with financial protection for their loved ones. For example, you could purchase a 10-year plan worth $10 million for your CFO. If he stays for the duration of the plan, he receives the fully vested $10 million bonus. During this time, if he learns his daughter has been accepted into an Ivy League University, he can borrow tuition costs from the plan without any early withdrawal penalties. If tragedy hits, the plan pays out to the CFO’s family in the event of his death. No matter what, this bonus structure offers a flexible, tax-advantaged asset to your compensation package.
Long-term, Strategic Planning Includes Succession Planning
Replacing C-suite positions like CEO and CFO is expensive. From the job search to relocation fees, the cost of finding the right executive for your company adds up fast. With a succession plan policy, you can both incentivize executives and the tier below to stay at your company while also protecting the company should they leave. If an insured executive leaves, your company receives the policy’s value to offset the costs of finding a successor.
Life insurance is an excellent tool for retaining internal successors at your company. An asset for your company, a cash-value life insurance policy accumulates value over the employer-determined duration of the policy. If the employee remains for the duration of the policy, the value of the policy is paid to the employee, acting as a powerful incentive to stay at the company.
Build better C-suite benefits, give us a call today.
Long-term, Strategic Planning Includes Succession Planning
Replacing C-suite positions like CEO and CFO is expensive. From the job search to relocation fees, the cost of finding the right executive for your company adds up fast. With a succession plan policy, you can both incentivize executives and the tier below to stay at your company while also protecting the company should they leave. If an insured executive leaves, your company receives the policy’s value to offset the costs of finding a successor.
Life insurance is an excellent tool for retaining internal successors at your company. An asset for your company, a cash-value life insurance policy accumulates value over the employer-determined duration of the policy. If the employee remains for the duration of the policy, the value of the policy is paid to the employee, acting as a powerful incentive to stay at the company.
Build better C-suite benefits, give us a call today.