LEGACY OPTION PLANS
Legacy Option Plans (LOP) provide a highly customizable solution for businesses to provide employee benefits. Our plans are specifically designed to meet the needs of businesses, churches, unions, foundations, self-employed individuals, and internet businesses. Our plans offer comprehensive coverage for dental, long-term disability, short-term disability, and vision. Our flexible approach to employee benefits allows brokers to create customized plans tailored to each business through our unique rating strategy concept.
Our Legacy Option Plans are a cost-effective solution to help employees offset out-of-pocket medical expenses. These benefits can help employees fill gaps created by high-deductibles and rising co-pays.
Protecting employees with Short Term Disability (STD) benefits may alleviate the financial stress which often coincides with a disability. Part of that stress may be eliminated when selecting a Legacy Option Plan to provide STD benefits. Clients will receive the professional customer service they both deserve and expect from an insurance provider as well as accurate and timely claim payments.
Living benefits essentially allow the insured to access money from the policy's death benefit while they're still alive. These funds can be used to pay for expenses associated with terminal or chronic illness, such as medical care, hospice or nursing home care, in-home caretakers and more.
An Executive Bonus Plan, also referred to as Section 162 Plan, is a non-qualified plan used by employers to provide special compensation to key executives. The employers' contribution to an executive bonus plan is considered salary to the executive and is therefore subject to taxation.
Business tax credits are an amount that companies can subtract from the taxes owed to a government. Business tax credits are applied against the taxes owed, as opposed to a deduction that is used to reduce taxable income. Businesses apply the tax credits when they file their annual tax return.
Health coverage for small businesses that protect employees and the bottom line
Our Self-Funded Program is specially designed to provide affordable health benefits for small- and mid-sized businesses. Compared to traditional fully-insured plans, you get more plan options, usually at a lower cost, without sacrificing quality health coverage for your employees.
EXECUTIVE BONUS PLAN
EXECUTIVE BONUS PLAN
The primary purpose of Executive Bonus Life Insurance Plans is to help businesses retain key personnel by offering them additional long-term benefits. It allows employers to reward employees for their performance and provides them with financial security in the event of death.
The average retention bonus is between 10% to 15% of an employee's base income, but the amount can go up to 25%. Employers must consider why they are giving the retention bonus to determine the amount given.
There are three plan variations, a single bonus design, a double bonus arrangement, and a controlled executive bonus plan. Both single and double bonuses are deemed reasonable compensation because you're bonusing the employee instead of paying premiums directly to the insurance company.
The employee is the owner of the policy, and gets to determine the beneficiaries and manage the funds within the policy. The employer covers the cost of the policy by periodically giving the employee a bonus big enough to pay the policy premiums. The employee then pays the premiums to the insurance carrier.
Executive bonus life insurance, which is also referred to as 162 executive bonus plans, is a type of group life insurance product offered to individuals in C-suite positions, such as chief executives, operations executives or chief financial officers.
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LEGACY OPTION PLANS