Executive Life Insurance
Looking Out for You and Your Business Leaders
Do you have key executives who need life insurance coverage? Do you have enough life insurance to provide for your family? Have you considered long-term care insurance? Let the Huntington Insurance team help you find the answers to protect your business with life insurance solutions.
Our Key Services
Attract and Retain Key Executives
The most important assets of any business are its people. Your business depends on key leaders for profitability and long-term growth. Executive life insurance and long-term care plans can help attract and retain leaders.
Key Person Insurance
Life insurance can be used to protect the company against the risk of a key employee’s unexpected death. Many companies would struggle or fail with the death of a key employee. Life insurance can provide business liquidity and cash flow should a key employee pass or become disabled. The policy can be structured to provide the company with a death benefit equal to expected revenue loss and even cover anticipated administrative costs to search for a replacement.
Non-Qualified Deferred Compensation
Life insurance can be used to help fund a deferred compensation program to provide additional retirement benefits to a key employee. In this arrangement, the company owns the policy and uses the policy’s cash value to provide supplemental income to the executive upon retirement. If the executive dies prior to retirement, the proceeds would be paid to the company. The company can then use the money to re-coup premiums paid and provide a death benefit to the executive’s family.
Supplemental Executive Retirement Plans
A company can reward key executives with additional life insurance through an executive bonus plan. The executive is the owner of the policy and receives a bonus equal to the premium and tax liabilities of the insurance plan. The policy’s cash value can supplement the executive’s retirement funds. The policy’s death benefit typically would be paid to the insured’s beneficiary without tax liability should they die during employment.
Ensure the Continuity of Your Business
You want to manage risk, protect what matters most, and transition your business when the time is right. Huntington Insurance can help.
In many family-owned businesses, not all family members are actively involved in the company. Dividing a business equally may create conflict between family members, which can interrupt the flow of business. Using life insurance as part of your estate plan provides a death benefit to fairly compensate family members outside the business. The death benefit can be equal to the value of the business you leave to the family members who are involved and who will likely take over company ownership.
Life insurance can be used as a funding vehicle of a buy-sell agreement for businesses who may have liquidity issues. Death benefits provide the money to purchase a deceased partner’s share of the business from their estate. This can help reduce conflict and allow the business to keep running smoothly. The chosen successor can also use the policy’s accumulated cash value to help purchase the company at the owner’s retirement.
Premium financing can support the transfer of your business or estate in a tax-efficient manner. Liquidity is preserved by borrowing premium payments for the life insurance policy. Interest on the borrowed premiums is paid until the policy builds enough cash value to retire the debt. This can allow the policy holder to minimize tax exposure and maintain investment strategies.
Plan for Your Family’s Future
Your financial plan is more than goals and dreams. The foundation of any financial plan is protection. Huntington Insurance can help you manage risk so you can protect your greatest assets from the unexpected. Let Huntington Insurance help you navigate important milestones along your financial journey, from accumulation of wealth to retirement.
Tax and Estate Planning
Life insurance is a tool that can help mitigate risk and may help decrease your portfolio’s overall tax rate. As part of your estate plan, life insurance can provide a tax-free death benefit to family members to help them settle your estate and maximize the legacy you leave for your beneficiaries. Highly compensated individuals may be able to decrease their current taxable income by deferring specified income to a future date, offering control of the distribution of their income and their subsequent tax liability on that income.
Executives in their peak earning years need an income protection plan to mitigate the risks to reach their financial goals. You may need a disability income plan to protect your future. Huntington Insurance can help you design a plan to fund your goals and provide security to those who depend on you. This is also available for your key employees.
Insurance for Retirement Planning
Huntington Insurance can help executives maintain their lifestyle throughout retirement. Long-Term Care can help protect retirement savings from needing care. Cash-Value Life insurance provides a tax-advantaged funding vehicle, where cash value can be borrowed against, and if cash value is never accessed, passes income tax free to beneficiaries.
Insurance products are offered by Huntington Insurance, Inc., a licensed agency and a wholly-owned subsidiary of Huntington Bancshares Incorporated and underwritten by third party insurance carriers not affiliated with Huntington Insurance, Inc.