How Does Your Executive Benefit Platform Measure Up?

• Does the current plan protect the assets for the executive?  In industry terms, we call that long-term care insurance designed to protect the retirement assets of the executive.

RESULTS: We implemented an asset protection (long-term care) platform for the executive team, financed by the corporation.  The benefits received for this type of plan are received tax free and will help protect the executive’s assets from the costs associated with long-term care expenditures in retirement.

• How is the income of the executive protected?  In other words, we determined if the benefit level of the disability platform was high enough to meet the industry standard of 60%.

RESULTS: We implemented a supplemental executive disability plan, which provided a higher level of income protection, should the executive become sick or hurt during his/her working years. 

• What about estate conservation?  The executives may need access to planning resources and competitive funding for their estate plan through life insurance.

RESULTS: The company offered a supplemental life plan with a $1,000,000 death benefit which would last beyond the executive’s working years. Traditional group life insurance would only be in-force during the working years of the executive.  The employer paid a portion of the premium and the executive could fund additional dollars based on his/her estate planning needs.

This evaluation allowed the client to better align the company’s executive strategy with its executive offering, and create consistency across the organization.  If you would like to review your company’s executive offering, contact FirstPerson Advisor, Chris Bittinger, at (317) 218-1504 or cbittinger@firstpersonadvisors.com.