What is life insurance?
A life insurance policy is a contract between a policy owner and an insurer. The insurer agrees to pay a sum of money upon the occurrence of the death of the individual insured under the policy. In return, the policy owner agrees to pay a stipulated amount, or premium, at regular intervals.
How is life insurance used?
Life insurance can be used for attracting and retaining key employees, financial management, protecting your business, retirement planning and succession planning.
What are the benefits of life insurance?
There are several benefits to both employees and employers when life insurance is used within business planning strategies. The primary purpose of life insurance is to provide your beneficiary a death benefit in the event you, the insured, dies. This death benefit can be used to help ensure the continuity of your business or be used to transfer business interest. In addition, depending on the life insurance product chosen, a policy can be used to offer supplemental retirement income benefits to you and survivor benefits to your beneficiaries.1
What are the different types of life insurance products and solutions that can help your business?
- Corporate- and Bank-Owned Life Insurance (COLI/BOLI)
COLI/BOLI is life insurance purchased and owned by a company/bank to insure the lives of key employees. COLI/BOLI also can be used as a source of funds to help support deferred compensation and other post-retirement employee benefit programs.
- Executive Group Life Insurance (EGL)
Executive Group Life Insurance is employer-sponsored group life insurance designed with the specific needs of executives and professionals in mind.
- Term Life Insurance
Term life insurance can be your gateway to permanent insurance, providing the amount of protection you need today at a cost that is less than a comparable permanent policy.
- Universal Life Insurance
Universal life insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances.
- Variable Universal Life Insurance2
Variable universal life insurance is a flexible premium, permanent insurance product combining death benefit protection with the option to allocate net premiums among divisions of the Separate Account and Guaranteed Principal Account.3
- Whole Life Insurance
Whole life insurance provides protection for a lifetime. It offers guarantees that you can’t find in other forms of life insurance, including guaranteed premiums that will not increase, a guaranteed death benefit and guaranteed cash value growth.
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