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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Permanent life insurance
Permanent life insurance provides protection for your entire life and can build cash value over time. Premiums remain level throughout your lifetime and can even be paid up within a specific time period. You can enjoy permanent protection for life without a permanent payment.Learn more