Disability Income Insurance: Executive Carve-Out
You can help retain your key people and attract new talent by making disability income insurance available to your executives. Disability income insurance can be an important part of an executive benefit plan, helping to ensure the income of your key executives is protected.
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Delivering enhanced benefits to the executives and senior professionals in your company could help to keep you competitive in the market.
An executive benefit plan can be developed to satisfy the disability income insurance protection needs of your executives. Typically, most group long term disability benefits may only pay a fraction of a high-income earning executive's net monthly income. You can obtain a policy to supplement the long term disability group coverage your company may be currently providing. And executives have the flexibility to purchase a policy to fit their needs and more closely align with their overall income.
Supplemental disability income insurance issued on a guaranteed standard issue basis provides executives important disability income insurance coverage without medical underwriting. It can be offered to executives on a voluntary basis or as a company-paid benefit.
This benefit can be implemented with little or no cost to employers. As a voluntary benefit, it provides executives with non-cancelable, portable coverage at a reduced premium. Generally speaking, a company may enjoy tax benefits if it provides coverage as an employer-paid benefit.1
Prefer to speak to someone about offering your executives disability income insurance?
1The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
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Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual), 1295 State Street, Springfield, MA 01111-0001 and C.M. Life Insurance Company and MML Bay State Life Insurance Company, 100 Bright Meadow Boulevard, Enfield, CT 06082. Principal Underwriters: MML Distributors, LLC (MMLD) and MML Investors Services, Inc., (MMLISI) Members FINRA (www.finra.org) and SiPC (www.sipc.org). MMLD and MMLISI are subsidiaries of Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111-0001.
CRN201008-106436
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