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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Whole life insurance
Whole life insurance helps protect your loved ones, providing tax-free money when you die, not just if you die during a specified time period. You can get peace of mind, knowing that your family is protected, and you can take advantage of cash value and other living benefits to help you plan ahead – no matter what life brings.Learn more