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Trust-owned life insurance is utilized by many high net worth individuals as the cornerstone of their estate plan. Ultra-wealthy families will always have some type of estate tax issue when passing along their wealth to the next generation of their family. This technique enables the trust to provide for their loved ones, cover estate tax liability planning, balance inheritances among heirs and meet charitable objectives.
Corporate Owned Life Insurance (COLI) is a type of life insurance contract owned by an employer that insures the life of one or more employees. Properly structured COLI arrangements limit the insured group to a select group of management or highly compensated employees, which help to enable employee retention, while simultaneously offering other pros such as lower premiums costs, cash reserves and tax benefits.
Many of our clients have a joint ownership or partnership in a firm or company they have established. This is a situation when we use a buy-sell agreement as a tool to make sure there is some type of business succession plan in place. The policy owner (usually a co-owner of the business or the business itself) uses the policy proceeds to buy out the business interest of another owner who retires, becomes disabled, or dies.
Also known as a Section 162 plan, this is a great option for company owners that would like to bonus their Executives by making premium payments on a permanent life insurance policy. This technique offers additional supplemental benefits to the Executive and also has tax benefits for the company.
Key man insurance is simply life insurance on the key person in a business. This is usually the owner, the founders or perhaps a key employee or two. These are the people whose presence is crucial in order for the business to survive. The chances of a business surviving are dramatically increased if there is some type of plan in place to protect in the event something happens to the key person.
Our trusted team of Trust & Estate attorneys can help structure a Trust to meet your goals, or if you already have one established, we will do a thorough review of it to make sure it meets your life insurance needs.
This concept allows ultra hi net worth families an alternative to traditional life insurance funding platforms. Premium Finance allows a grantor the ability to borrow future life insurance premiums from a bank with the policy specially designed to pay off the loan in future years utilizing the policy cash value. This advanced technique can quite useful when large premiums are present or the client does not have the proper liquidity measures to pay the premiums. Our specialized team can walk you through all aspects of these plans.
Because many of our clients are in the financial position to give back to a cause they care about, life insurance is a great vehicle to achieve this. After a client picks a charity of their choice, Travers & Associates will help to implement the life insurance policy and make sure the proceeds go to their cause. There are many benefits to choosing a plan like this such as reducing capital gain taxes, income taxes and estate taxes.
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Long-term care provides care and assistance to people with chronic illnesses, disabilities or other conditions over an extended period of time. The types of care range from nursing homes and home-care provided by nurses, therapists or other professionals. People age 65+ have a 70% chance of needing LTC. Travers & Associates can help put a plan in place that’s right for you.
This type of insurance will help replace up to 60% of one’s income if they become injured, disabled and unable to work. Statistics show that 1 in 4 people will become disabled before they retire.1 Even if an individual has DI through work, this is usually not enough to replace their lost income since plans will not pay the full amount the individual makes.
1 - U.S. Social Security Administration, Fact Sheet February 7, 2013
This type of insurance product pays an individual a steady stream of income during their retirement. Travers & Associates has the ability to set-up a variety of annuity plans such as: single pay, fixed and variable annuities.