Executive Life Insurance in Boca Raton, FL
Executives play critical roles in their organizations’ operations, successes and futures. These decision-makers may be relied on for more than just their day-to-day tasks; as such, key personnel may also establish goals and spur innovation to drive success down the road. However, executives are still people like any other staff member, and life’s unexpected twists and turns could go in a dire direction. With this in mind, businesses may want to consider investing in executive life insurance.
What Is Executive Life Insurance?
As its name suggests, executive life insurance typically refers to life insurance policies offered to directors, officers and other leaders within an organization. Generally, these policies function similarly to other life insurance coverage, potentially providing a payout to beneficiaries should the insured executive pass away.
Why Do Companies Offer Executive Life Insurance?
Offering executive life insurance may be an advisable investment for many businesses. This importance may be multifaceted and could help fill coverage gaps left behind by other employee benefits. For example, many companies may offer group life insurance to employees, but given the higher earnings of many executives, participation in such plans may be insufficient. As such, executive life insurance may help bridge that gap. Additionally, executive life insurance may help businesses attract and retain top talent, providing robust financial security for executives’ loved ones and potential financial opportunities (e.g., investments and savings) within specific policies.
How Is Executive Life Insurance Funded?
The payment process of executive life insurance may vary by policy and company. Sometimes, businesses may pay premiums as an added perk for the insured leader. Alternatively, executives may own the policy and pay the premiums while recouping the costs via company bonuses.
We’re Here to Help
At Peck Financial Group, we have a comprehensive understanding of life insurance and will work with executives and companies to procure ideal coverage. Contact us today to learn more or compare executive life insurance policy quotes.