Corporate Life Insurance
Benefits Between The Company And The Employee’s Families
What is Corporate Life Insurance?
Corporate-owned life insurance (“COLI”) refers to life insurance that is purchased by a corporation for its own use. The corporation can be either the full or partial beneficiary on the insurance policy. Typically, an employee or group of employees, corporate owner, or debtor are listed as the insured(s).
Benefits of having COLI Insurance/Corporate Owned Life Insurance
Retirement Solution Options
Special Compensation Arrangements
Benefits to Employer
FAQ
Controlling Ownership
A buy-sell agreement is an agreement between owners that allows you or the business to buy out a co-owner’s share based on a number of triggering events like retirement, death, bankruptcy, disability, divorce or selling the business to a third party. You can enter into a buy-sell agreement with your co-owners at any time, but it often makes sense to do so shortly after the business is formed and when new owners are brought in.
Key Person Insurance / Protection
Have you thought about what would happen if one of your key employees were to die unexpectedly? Would your business be able to continue without serious financial consequences? Coverage to protect your business against the loss of a key employee can help you navigate through a difficult time.
Protection Against Disability
If you’re disabled and can’t work, business overhead protection can help keep your business afloat by providing benefits that generally help cover expenses like employee salaries, taxes, employee benefits, rent, mortgage, utilities and equipment.
Tax Deductions
Don’t forget to take advantage of tax deductions, which can help you have access to more capital you need to help grow your business. Things that business owners can claim as tax-deductible expenses include wages/compensation, office supplies, travel expenses, as well as some insurance premiums.
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