EXECUTIVE DEATH BENEFIT PLANS
High-end talent requires above-average benefit offerings. The added protection of Executive Death Benefit Plans checks that box. In these exclusive plans, the employer makes a legally binding promise to the employee that if he or she should die while employed with the company, or following retirement with the company, it would pay his or her beneficiary a defined death benefit amount.
How DEATH BENEFIT PLANS FUNCTION:
- A life insurance policy equal to the amount of the promised benefit is purchased by the Company on the life of the employee.
- The Company is both the owner and beneficiary of the policy.
- Upon the death of the employee, the Company receives the death proceeds, generally income tax-free, which it could use to pay the promised benefits to the beneficiary; or these funds may be used to purchase a tax-free investment (such as a municipal bond) in which the annual income could be used to pay the benefits.
- The growth in the life insurance policy and subsequent death proceeds paid to the Company generally help to recover the overall cost of the plan to the Company.
One in Four of today’s 20 year olds will become disabled before Age 67
— Source: Social Security Administration
Let Todd Create a personalized plan that best fits your business.
EXECUTIVE LONG-TERM CARE INSURANCE
Offering an Executive Long-Term Care Insurance Plan helps companies recruit and retain talented workers. Employer-sponsored programs have created an important awareness of the need to protect hard-earned savings against ever-increasing long-term care expenses.
The Todd Organization helps companies incent top-tier executives, offering long-term care benefits tailor-made for their employees, at a relatively low cost.
Consider these statistics
The average national cost for nursing or facility care:
The average costs for various long-term care options:
per year for a private room in a nursing home
per year for an assisted living facility
per hour for in-home health aid
Source: Cost of Care Survey, Genworth, 2014
Why Choose an Executive Long-Term Care Plan?
Executive Long-Term Care plans cover a wide variety of services and supports which can be provided in the home, community or in other living arrangements. These services help with chronic illness, disabilities or other conditions because of an accident, sickness or cognitive impairment.
BENEFITS FOR COMPANIES
- Inexpensive benefit offering
- Employer-paid premiums are tax deductible (with some limitations depending on the type of business entity)
- Flexible plan implementation:
- Executives Carve-Out Plans for key employees
- Employer Paid Base Plans for management or all employees
- Voluntary Plans for all employees
- Opportunity to offer coverage to spouses and family members