Corporate Benefits
Group Life
Business owners in today’s competitive job market recognize the importance of attracting and keeping good employees. Providing group term life insurance is an economical way for employers to provide a quality benefit that employee’s value and appreciate.
Group Accident
Accidents resulting in death or serious injury often occur at a time when debts are high and savings are limited. The chances of your employees being involved in a serious accident are greater than you might expect. Accidental Death and Dismemberment (AD&D) Insurance provides benefits in case of just such an accident and helps protect employees’ financial security. Adding AD&D insurance to your Group Life Insurance plan provides participants with peace of mind and around-the-clock protection at affordable rates.
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Group Health
All of the individual types of plans can be purchased on a group basis. Only full time employees may participate in these plans, as determined by the insurance company. Usually 25-30 hours per week is considered full time. It is generally required that the employers pay a percentage of at least the employee portion of the premium. This ensures adequate participation for the insurance companies so as to avoid adverse selection (meaning, they don't want your sick employees only).
Health benefit products for groups present several advantages:
- A variety of plan designs to meet the employers and employees’ needs
- A choice of multiple plan designs and networks (where available) for employees
- Optional benefits including group dental, group vision, and weekly income insurance
Different customers have different needs, and we provide the following value-added services and benefits: maternal wellness program, multiple plans/multiple networks, Section 125 Cafeteria Plan, Flexible Spending Accounts, Group Dental, and Vision Insurance.
Also available on a group basis are the Health Reimbursement Accounts (HRA) and the Health Savings Account (HSA) for the employer and employees who want to participate more in their own health care.
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Group Disability
A group disability insurance policy covers a group of individuals who are affiliated in some way, either through an employer, trade association or other organization. Group disability covers the loss of compensation due to accident or sickness and is generally less expensive than individual disability coverage; however, benefits are limited to a stated length of time and the maximum monthly income benefit is usually no more than 50-60% of earnings.
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Group Dental/Vision
Dental insurance is the most requested benefit after medical coverage. Dental emergencies in the United States account for 32 million missed work days each year.* Dental and Vision services can be added to a group health plan or on a stand-alone basis. Most plans can be tailored to fit the employers and employees needs. There are many options to choose from.
*American Dental Association
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Buy/Sell Agreements
A buy/sell agreement is a legally binding contract that specifies when and to whom business owners can sell their interests, obligates purchasers to buy the interests, and defines how to determine the price to be paid.
The type of buy/sell agreement will vary depending, in part, on the form of the business ownership - proprietorship, partnership, or corporation. The two basic types of buy/sell agreements are redemption and cross purchase. In a redemption buy/sell, the business buys the owner’s interest at a triggering event. In a cross-purchase buy/sell, surviving business owners purchase the interest.
When a partner or owner dies or retires, a buy/sell agreement ensures that all parties get a fair price. As a small business owner, you probably want your business to be able to go on without you, but have you actually done the planning to make this a reality? Your business is a growing, ongoing operation, and also your major asset and income source. Usually a Buy/Sell agreement is funded using life insurance products. A buy-out option as well as disability income can also be covered under the agreement.
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Executive Benefits
Our Executive Benefits Program will help you attract and retain the top executives you need to lead your business through the challenging and competitive times ahead.
We offer businesses solutions for executive benefits and funding liabilities using specifically designed life insurance and other products.
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Key Person
Companies have specific employees who are key to the success of the business. Whether it's the owner, a partner, a majority stockholder or someone with a high level of expertise, the loss or death of that person could mean financial ruin or hardship for the company.
Key person insurance protects your company's solvency or loss of revenue in the event of losing a key employee or founder. Protecting your company from such potential disasters not only makes good business sense, but lenders and investors also generally require that a business carries key-person insurance to protect their loans and investments in the company.
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Cafeteria Benefit Plans
Cafeteria plans increase employees take home pay at no or little expense to the employer. As a tax saving device, both employers and employees may enjoy significant tax savings. Cafeteria plans, also known as flexible benefit or Section 125 plans, give employees the opportunity to customize their benefit package to meet their particular needs, individual choices are particularly valuable. Cafeteria plans are specially authorized by Section 125 of the Internal Revenue Code.
A typical cafeteria plan allows employees to "redirect" part of their salary to purchase benefits from a "menu" of benefits. These amounts are redirected before an employee’s wages are subject to Federal or State income tax or Social Security taxes (FICA). An employer may also make contributions to the plan on behalf of its employees. These employer contributions are not taxable to the employee if the employer money is used for "qualified" benefits.
A premium only plan (POP) can also be used-this does not offer the other flexible benefits but does allow for the tax savings for employers and employees contributions to their group health plans.
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