The ability to customize the plan by adding optional riders. Over the long term, accumulated cash value can be accessed through policy loans 1 or surrenders to help supplement a retirement income. 1 Loans against your policy accrue interest at the current rate and decrease the death benefit by the amount of the outstanding loan and interest. 2 Dividends are based on the policy's applicable dividend scale or interest crediting rate which is neither guaranteed nor an estimate of future performance. It can be used as an attractive employee benefit, and as a means to assure the business's financial future.
Employee is covered by an insurance policy while premiums are paid by the employer.
The employer owns the policy, but the employee can name the beneficiary. Upon the death of the employee, the employer receives proceeds equal to the cash value of the policy, while the beneficiary receives the remaining proceeds. An effective way to show an employer's and executive's participation in a policy financed by a bonus from the corporation. A cost-effective way for employers to provide permanent, cash value life insurance to select employees. Offers employers the opportunity to provide benefits to employees at a later date, such as at retirement.