How would you answer this question:  “How much do you earn annually?”  Most of us, undoubtedly, would give the dollar amount that is reflected on our 1040.  The thing is, if we really explore this question we would find that some of the other types of compensation we receive also enter into the parameters of “what we earn.”  There are a host of Insurances that qualify here, and one of the most important that an employer can use to ensure that they keep their key executives is a properly purchased Life Insurance Policy.  As a result, if you have a business and want to make sure that you keep your key executives, you should be most interested in EXECUTIVE COMPENSATIONor KEY MAN INSURANCE AND YOUR GLENDALE, AZ BUSINESS INSURANCE.

“Obviously,” Jim Bivona of Bivona Insurance Group, LLC, an Independent Insurance Agency that services the Phoenix Metro area regarding Insurance including Phoenix, Scottsdale, Glendale, and Peoria Arizona to name just a few, shared, “this isn’t for everyone.  However,” he went on, “it might be something you may very well want to consider.”

There are several “qualifications” that will help you determine it this is something you should be contemplating, including but not limited to:

  • The executive qualifies for a policy that can provide both significant cash accumulation and a sufficient survivor benefit.
  • The executive should have a need for life insurance for personal reasons, such as family protection and retirement planning.
  • The executive is willing to let the firm control policy proceeds.
  • Once you have agreed that this is a viable situation for you and your executive, there are a couple of other things you will want to consider:
  • The whole point of this benefit is for the employer to subsidize the cost of a life insurance policy that can have a major impact on the life of the executive. Because these policies can cost substantial amounts of money, the employer will take on a considerable expense in financing them. Make sure your financial experts talk to your insurance advisor about how to minimize the tax impact for both your firm and your executive.
  • The lower the cost of the insurance, the higher cash value and survivor benefit a policy will provide.To learn more about the BIVONA INSURANCE GROUP, LLC go to www.bivonainsurance.com.(To learn more about this issue, research “LIFE INSURANCE AND KEY EXECUTIVE RETENTION ”)
  • As you can see, being aware EXECUTIVE COMPENSATION or KEY MAN INSURANCE AND YOUR GLENDALE, AZ BUSINESS INSURANCE, certainly is not something you want to ignore if you do, in fact, have key executives that you want to retain as part of your firm! As a result, you should contact Jim Bivona at 623-256-1000 with any questions, and he will be happy to discuss this concept with you in greater detail, and suggest some ways you may be able to improve your Business Coverages.

Speak Your Mind