What is an executive bonus plan with life insurance?

Certain employees are essential to the life of a business and keeping them committed is essential. How can life insurance help? An executive bonus using life insurance combines death benefit protection during the employee’s working years with the potential for cash value accumulation and a supplement to retirement income later on. Executive bonus plans are a unique benefit that don’t have to be offered to all employees. Depending on the arrangement, there may be little or no cost to the employee for receiving an executive bonus.

With executive, owner, or key team member departures, your business could be affected by a number of things like poor employee morale, loss of key accounts, and diminished earnings. Talk to your financial professional about how a Midland National life insurance policy could help retain key members of the team.

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