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Buy-Sell arrangements using life insurance have traditionally taken three approaches: cross-purchase, stock redemption, and a hybrid, also commonly known as a “trusteed buy-sell.”
An often-overlooked fact regarding the cash value in key person insurance is how its many potential uses increases a business’s dexterity, giving business owners greater control over their future. Key person, cash value life insurance can be invaluable in indemnifying the financial loss a business faces if a key person dies or leaves the business.
A loss of income due to a disability can be financially devastating. Employer-sponsored supplemental income protection plans can help preserve an executive’s lifestyle, attract and retain talent and contribute to a firm’s long-term success.
As your business grows, you buy insurance to cover unexpected losses. Use our Replacement Cost Method help calculate the amount of coverage you really need.
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Many factors affect the suitability and performance of a policy. Regularly evaluating a life insurance policy is essential to ensure that it is still meeting your and your family’s needs.
Deciding how much life insurance to purchase for your family can be tricky. Use this method to estimate your personal life insurance coverage.
Life insurance comes in two basic forms.
The type of insurance you select depends on your time frame, your needs, and your financial situation. Understanding the differences will help you determine which type is right for you.
LTC insurance is a product that helps cover costs associated with aging and/or chronic medical conditions, such as an extended or permanent disability or cognitive impairment. Since it generally pays for expenses not covered by Medicare or health insurance, it can be used as a planning tool to assist individuals in paying for LTC expenses in the future.
One key reason to choose a premanent life insurance policy in addition to protection, is the tax advantages that cash value offers.
Higher taxes on investment gains and income are very likely as the federal government seeks ways to reduce a deficit that has grown exponentially due to spending on the Covid-19 pandemic. These tax increases will likely affect all working Americans, but may place an even greater burden on wealthier individuals and their families.
Resources and insights to help you plan
The USICG team is happy to provide resources to help our clients ensure their action plan aligns with their objectives.
- 2023 Tax Tables
- 401(k) Restoration Plan Overview | Addressing the issue of Contribution limitations for highly compensated employees (HCEs)
- Additional expert insights on protecting your financial future