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OUR MISSION : To make a difference in the lives of our clients
At LiveAmerica, our agents use a consultative and needs based approach to effectively use Life and Annuity products and design strategies to effectively address all of the client concerns. We have the products, the training, the help desk expertise needed to build retirement Life Insurance strategies and retirement plans for LiveAmerica clients.
When using life insurance with a buy-sell agreement, either the company or the individual co-owners buy life insurance policies on the lives of each co-owner (but not on themselves). If you were to die, the policyowners (the company or co-owners) receive the death benefits from the policies on your life. That money is paid to your surviving family members as payment for your interest in the business. If all goes well, your family gets a sum of cash they can use to help sustain them after your death, and the company has ensured its continuity.
Life insurance can be used to equalize estate distributions between children who participate in your closely held business and those who don’t. A plan of succession can be structured to leave your business to your participating children and life insurance proceeds of equal value to your nonparticipating children.
A defined benefit pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee’s earnings history, tenure of service and age, rather than depending directly on individual investment returns.
Key man insurance is insurance on any employee who is an integral asset to the company’s survival. Without this person, or persons, the company could fail or at the very least suffer financial hardship. The way key man insurance works is the owner, payer, and beneficiary of the life insurance is the company. If the key person died unexpectedly, the company would have money to continue business until a suitable replacement could be found.
Employers are often looking for ways to provide additional benefits to their key executives. The liabilities resulting from the plans providing these benefits may start out small, but can often grow within a short period of time. To offset the impact of these liabilities, one way to informally fund these plans is with Company-Owned Life Insurance (COLI).
COLI is a life insurance policy that a company purchases on the life of a key employee. The company is both the owner and beneficiary of the policy and pays the life insurance premiums. Any values accumulated or death benefits paid under the contract are assets of the company.
Group cash value life insurance plans including universal life policies with vesting are a great way to incentivize your best employees to remain loyal to the company. The appeal to these policies is the cash grows tax deferred and are accessible through loans and withdrawals. These policies are often used to entice potential employees as part of an executive benefit package, or to fund retirement, but the main purpose of the policy is the death benefit.