Yes, you can use a flexible and discretionary plan known as an executive bonus plan.
An executive bonus plan is an arrangement where the employer makes the premium payments for a life insurance contract owned by the employee. The bonus is usually tax-deductible to the business and is taxable to the employee as ordinary income.*
*Consult your tax advisor for more information.
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Additional products and services
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Term life insurance
Term life insurance provides low-cost protection and peace of mind for a certain period of time. While permanent protection is an important part of an overall life insurance plan, term insurance can protect you by helping to cover temporary needs, such as helping to pay off your mortgage or other debt. This can be an affordable way to help make sure your dreams and goals are protected.Learn more