Many working professionals consider life insurance one of the most valuable benefits their employer can provide. Unfortunately, a majority of organizations, typically, small and mid-size companies, are unwilling to make this investment. They perceive it to be too expensive and an administrative headache.
It is important to recognize, however, that staff turnover, especially when it comes to those in management positions, can prove costly for your business. Losing these key personnel means that money must be allocated for hiring, training, and managing the new hires. The longer it takes for you to find the right employees and bring them up to speed, the bigger the setback for your organization.
Providing an attractive compensation package along with comprehensive benefits helps reduce this risk of high attrition. The right insurance broker will help you find easy and effective benefit plans. Read our tips on getting the best coverage and service.
3 Tips for Selecting the Right Executive Life Insurance Plan
1. Who:
Select key individuals whom you want to include as candidates for executive benefits. Typically, they should have a strong need for the benefit (such as retirement planning and family protection) and also be willing to let your firm structure the proceeds. You can add agreements to strengthen employee loyalty.
2. What:
Sifting through all the options can be intimidating, especially if you have never done this before. Choosing the right strategies requires a solid understanding of programs and policies offered by various providers. For example, companies of all sizes use whole life policies to create attractive retirement and bonus plans. The latter is relatively easy to set up and accommodate on almost any budget. In addition to providing financial security for the executive’s family, it can also provide tax benefits in regards to retirement income. Working with an experienced industry professional will help you make the correct choices for your firm and employees.
3. How:
A well-structured policy can help you attract and retain top talent. Group plans are typically more economical. However, custom-designed policies where premiums are paid either directly by the employer or through the executive’s salary or bonus can also be cost-effective. To be sure the program pays off for your firm, consult your insurance broker and financial advisor about how to structure premiums that will minimize your tax impact. You can also build controls in the employee’s contract to increase policy benefits over time.
Executive Life Insurance Advice and Support
Create a win-win situation for your executives and your organization. Choose your brokerage carefully as you want to be sure that you are getting the best coverage and service.
At the Executive Planning Group (EPG), we offer a comprehensive suite of employee benefits solutions to help companies further their business goals. We combine our expertise in insurance, finance, and human resource consulting to help you make the right investments. Set up a consultation to learn how our insurance programs can assist your firm in attracting and retaining the best talent.
We are committed to helping you achieve maximum efficiency, economy, and productivity. Our team works hard to get you the best rates from reputed insurance companies and provide you with exceptional service.
Request a quote or call us today at 601-982-3000 to speak with a trusted executive life insurance broker.
Disclosure- Securities Offered Through ValMark Securities, Inc. Investment Advisory Services Offered Through ValMark Advisers, Inc.
Executive Planning Group is a separate entity from ValMark Securities, Inc. and ValMark Advisers, Inc.
