Life and Disability Insurance (Welfare Plans)
Most employees in a company, a non-profit, or any organization will be covered by common welfare plans like group long term disability insurance policies and even group term life insurance. But the key word here is “most.” When you move up to the level of executives, partners, or extremely high level management then you often have employees who are left without nearly enough coverage for what they would be in danger of losing.
When facing this level of a shortfall in coverage, it is important to have a plan in place that not only keeps high level employees covered, but also gives affordable options to those who need it. For these types of plans your ideal replacement target is at least 60% but when you see how the numbers for group coverage gets skewed by high earners, it becomes apparent something needs to give.
Finding the Right Individual Products
We understand how coverage gaps can be a serious issue with the very employees and partners you want to reward the most for their hard work in building up your company. That’s why we offer very specific executive disability insurance and executive life insurance policies.
These products are your solution to creating a solid, fair, and quality program that takes care of your high earners while staying perfectly within the rules and regulations.
Executive Life Insurance Policies
While group term life insurance is fine for most levels of employees, for the high earners you need to look at acquiring an executive life plan that will help to supplement the benefits that come from a conventional policy.
Executive plans are flexible to provide higher coverage levels, minimize taxation at that level, and gives a better overall plan for providing a safety net for those in your company who would need it. Many plans offer pre-retirement help, but many of our executive life plans also provide some benefit post-retirement for all those who are covered.
Call our specialists today to see some of the best executive life insurance plans available.
Executive Disability Insurance Policies
Don’t forget to find a quality disability insurance policy for your executive level employees, as well. Many companies have focused on the shortfalls in coverage that take place when it comes to life insurance, but they don’t pay enough attention to the disability insurance plans. These are often extremely insufficient in helping to replace income during an injury or illness resulting in disability.
Having additional individual executive disability plans as a supplemental addition to the group plan is a fantastic way to take care of this all too common issue.