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Business Planning Using Life Insurance - Salt Lake City - IHP Advisors Life insurance taken on the life of a key employee can provide cash to finance any losses and expenses that result from the individual's sudden death. Life insurance can also be used to guarantee repayment of a business loan, allowing an owner to obtain financing for a new or expanding business. Use business life insurance for tax planning Life insurance is an important feature of many business arrangements. Its most important uses include the following: - Funding buy-sell agreements - Providing an employee benefit - Insuring a key employee - Guaranteeing a business loan Using business life insurance for these purposes presents many tax-planning opportunities. Life insurance as an employee benefit Life insurance is a basic component of many employee benefits packages. Split-dollar life insurance, including nonqualified deferred compensation plans Are you seeking a low-cost method to attract, motivate, and retain key employees? Are you also interested in finding a way to fund nonqualified deferred compensation plans for them? A split-dollar plan allows you to carv How will you finance these expenses without jeopardizing your business operations and cash flow? Key employee life insurance can protect your business against financial loss if a key person dies. Life insurance in qualified plans In addition to using life insurance to provide a death benefit for your employees, you can also use it to fund your company's qualified retirement plan. Business credit life insurance As the owner of a new or expanding business, you may have difficulty obtaining a loan to finance your business needs. Business credit life insurance can make it possible-or easier-for you to obtain a business loan by guaranteeing its repayment through a life insurance policy taken on your life. Contact Us At: https://ihpadvisors.inf o
