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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
As a business owner, you may think of life insurance as an important offering in a total employee benefits package, which may help you attract and retain talented employees. But life insurance can do so much more, from helping to protect your company financially when a key employee dies to helping to fund the sale or transfer of your business. Take a look at some business uses of life insurance:
There are different ways to use life insurance to accomplish this transfer. The business can purchase policies on the lives of the business owner(s), with the business as beneficiary. Or if the company has a cross-purchase agreement in place, where each owner agrees to purchase the shares if another owner dies or becomes disabled, each owner can purchase and become the beneficiary of life insurance policies on the other owners.
Several options are available, namely: executive bonus plans, split dollar plans and nonqualified deferred compensation. The plans differ significantly with respect to life insurance policy ownership and tax consequences. However, it is common that the objectives of both the employer and employee can be met under one of these designs.
You’ll want to consult an attorney experienced with business arrangements like these, and talk to a financial professional before proceeding.
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
The Meridian Financial Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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