Offering Competitive Benefits to Wilmington Businesses
The economy in Wilmington is on the upswing. The job market is increasing, and projections for local growth are higher than the U.S. average. Our city is an attractive place to live and work.
For those familiar with the city, it comes as no surprise that the economy is faring well. Wilmington is an attractive East Coast town with a rich history dating back hundreds of years. From the oldest operating rail line in the country to the growth of the famous Baldwin apple to beautiful Silver Lake, people are drawn to its enduring roots.
If you own a business in Wilmington, you understand the significant role your employees have in your company. HUB International can make corporate owned life insurance for your Wilmington MA business part of your organization’s benefits plan. Companies in the Boston area depend on the top-notch talent they have among their ranks. Let HUB International design a comprehensive corporate owned life insurance package to help you protect your business.
What is Corporate Owned Life Insurance for Wilmington, MA Businesses?
Corporate owned life insurance pays benefits to the company if a key member of your staff passes away. Your employees do not pay the premiums, nor do they receive the benefits directly. The company notifies the employee before the purchase of a policy.
This type of insurance may also include benefits that assist you as your company goes through the process of recruiting and hiring for the open position. Key employees can be executives or other staff members that play a significant role in your company's operations. Typically, these policies continue to cover employees during the year after they leave the company.
If you are interested in learning how corporate owned life insurance works and which employees can be insured, call our office today to talk with an experienced agent.
What Are the Advantages of Corporate Owned Life Insurance?
Corporate owned life insurance policies allow a business to:
- Minimize tax burden: In some cases, companies can deduct the cost of the insurance premiums. In addition, there may be tax benefits associated with policy payment.
- Cover expenses related to replacing an insured employee: The recruiting and hiring process for an executive or key employee can be costly. This type of policy can help companies recover their costs.
- Elevate your cash reserves: Corporate owned life insurance for Wilmington MA businesses can offer your company a boost to your cash reserves. You can consider taking out loans against these reserves to help your company grow.
- Provide financing for employee benefits packages: You can fund non-qualified benefits programs with corporate owned life insurance.
- Increase your financial viability: This type of insurance policy makes it easier for your business to offer a competitive benefits package to employees. These packages can help you attract top talent.
What Types of Businesses Can Benefit from Corporate Owned Life Insurance?
Businesses in the public and private sectors use this type of insurance policy. Companies with executives or staff members that are highly paid can benefit from corporate owned life insurance. You can also consider obtaining this kind of insurance If your company wants to incorporate a financing strategy to help you meet your executive benefit obligations.
Wilmington includes a variety of business sectors. Your company may specialize in professional or technical services, health care, financial services, education, computer products and services, construction or more.