Business Planning
Supplemental Insurance and Benefits for Employers and Business
As a business continues to grow there are more benefits available to the employer and the employee base. These are referred to as supplemental benefits and include the following:
Buy/Sell Funding Arrangements
A buy and sell arrangement is critical to the longevity of the business organization. A well-designed buy and sell arrangement will protect all owners in the event of a disability, a death, a divorce, or retirement. It assures that the entity will continue regardless of the financial impact of any of these events. If you have a business partner and you don’t have a properly structured and funded buy/sell arrangement, ask yourself what will happen if any of the events above occur. Our advance team of attorneys and CPA’s help us help you create the most appropriate plan and the most appropriate funding for that plan.
Key-Person Life Insurance
Is there an employee in your organization that is key to your ongoing financial success? If so, what would happen if that employee became disabled or died? Do you have a plan in place to address the financial impact of that? We can help you evaluate and the best way to protect your company in the event of a loss of a key person due to disability or death.
Executive Benefits
Often our employers are looking for ways to create special benefit packages for their highly compensated employees. This is a way to both attract and retain the best and most productive talent available. Our ability to look at combining your existing benefit package with a well-designed special compensation plan for your executives helps you attract and retain the best of the best.
These benefit packages can include special compensation, special retirement plan provisions, and special types of insurance that are only offered to the executives. Do you have a plan in place to keep your best executives from going to the competition? If not, let us help you.
Disability Insurance
Disability has a huge financial impact on both an employer and employee. A well-designed benefit program will take into consideration the best method to protect the employee’s income in the event of a disability.
By looking at well-designed group disability plans we are able to often get our highly compensated executives more protection at a lower cost than if we just look at one executive.
If your employees have no income protection and they become disabled, statistics show us within 30 to 60 days many will be financially destitute. Imagine the impact on your employees morale if they knew their income was protected in the event they became disabled. Let us help you evaluate your income protection strategy so that if you wake up one morning and can’t go to work you have every confidence that your family’s financial lifestyle will not be adversely impacted.
Long Term Care Insurance
As baby boomers age, it is critical that we take into consideration the potential need to provide care for the long-term.
Few people understand the financial impact of providing care for someone who has lost two or more activities of daily living or has been diagnosed with dementia or Alzheimer’s Disease.
Long term care insurance will provide cash to pay for these expenses and can help keep your family financially strong.
Neither Individual nor group health insurance plans cover this expense and Social Security does not cover this beyond a certain point.
Offering this as a voluntary benefit to your employees will allow them to not only protect themselves but their loved ones.
Voluntary Benefits
Voluntary benefits are offered through an employer to their employee base. These benefits can include disability insurance long-term care insurance, vision insurance, and a variety of other plans that help protect the financial well-being of their family. These benefits can be offered at no cost to the employer.
