Areas of Expertise

Areas of Expertise

Executive Life Insurance Plans

To address the life insurance needs of highly compensated, many of our clients prefer to use Group Universal Life (GUL) insurance for their Partners and Executives.

Group Universal Life (GUL) insurance offers several advantages over Group Term Life insurance, especially for highly compensated employees.

Here are some key benefits this type of plan can provide a group of Partners or Executives:

Permanent Coverage: Unlike Group Term Life, which offers coverage for a specified period, GUL provides lifelong insurance coverage as long as premiums are paid. This can be particularly valuable for highly compensated employees looking for long-term security.

Higher Guarantee issue (GI) Coverage Amounts: Securing high limits GI for executive groups can be challenging when most group term life carriers cap their limits at one million of GI. By comparison, GUL carriers will routinely allow two to three million GI. Depending on the size of the group, securing higher limits is possible.

Cash Value Accumulation: GUL policies offer a savings component that allows insureds to contribute above the cost of insurance, allowing them to accumulate cash value over time. The cash value can be borrowed against or withdrawn. This feature allows insureds to not only have life insurance but also build a fund that can be used for future needs such as retirement or education expenses.

Portability: GUL coverage is not tied to the employer, so if an executive or Partner leaves the organization, they can take the policy with them. This is particularly important for highly compensated people who may transition between careers or start their own ventures.

These features make GUL a compelling choice for highly compensated individuals who seek a versatile and beneficial life insurance option that extends beyond basic coverage and into broader financial planning instrument.

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