As you work to recruit and retain top performers in your business, you may want to consider a variety of insurance options to build out an appealing executive benefits package. Houghton Financial Partners can build insurance plans designed specifically for executives that can augment or diversify your overall benefits package.
Building the Right Plan
Depending on your company goals and how you want to incentivize a specific employee, some plans may work better than others.
Fortunately, there are many options, and Houghton can create a plan that will help you and your key players reach and celebrate milestones in your business.
We also work directly with individuals to create insurance plans that meet your unique needs.
Whether you are a business owner wanting to incentivize your key people or are looking to expand your own insurance coverage, Houghton Financial can help you find and implement the plan that’s right for you.
Some of the options we offer include Term Insurance, Disability, and Long-Term Care Insurance, and Business Insurance.
Business Life Insurance
Business life insurance is an investment in the future and a safeguard against unpredictable events that can severely impact the health of your business.
Houghton Financial Partners can assist you in taking the necessary steps to protect your business from an unforeseen event. If something happens to you, as the business owner, or to another essential executive – what will that mean for your business? Will the company (and the jobs it provides) be able to continue? A business life insurance plan can help protect your company by providing a necessary income stream during a time of crisis.
Two types of Business Life Insurance that Houghton offers are a Key Man policy and a Buy-Sell Funding agreement.
High Limit Disability Insurance
A disability could be devastating to the financial, professional, and lifestyle goals of any integral executive. Disability insurance can both help support the executive if they are unable to work and help protect the company from any losses associated with the executive’s absence. We provide individual disability for key executives, group carve-out, and short- and long-term group disability plans. For individuals, Houghton Financial Partners offers Disability Income protection plans that help to recover a portion of income in the event that you become disabled and cannot work. Many employer-sponsored plans are designed to replace only 50% to 70% of income, so we analyze what your employer offers and create a policy that addresses a possible gap in coverage.
High Limit Long-Term Care Insurance
Americans are now living significantly longer lives, and this increased longevity brings additional challenges around long-term care. Even if people plan carefully, they can still face the risk of losing control of their lives and their finances when they become elderly and unable to live independently. Long-Term Care insurance provides the necessary funds for housing and care later in life.
With Social Security no longer a given for future generations, a Long-Term Care policy can be an attractive benefit option for key executives in your company. For individuals, this can be critical for providing assistance when a serious illness or disability renders you physically or cognitively unable to perform activities of daily life.
Term Insurance is a form of life insurance that guarantees a death benefit if the holder passes within a certain amount of time. It has no cash value and is frequently best for individuals who want to create a safeguard for dependents in the case of premature death. The term insurance covers costs for a specified period of time anticipating that family will gain the ability to support themselves over time, i.e. when children graduate from college and begin working themselves. Term insurance can also be used to cover costs your family might incur in your absence, such as childcare.