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Insurance Glossary

Industry jargon and unfamiliar terminology can be confusing.

No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.

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Deferred Compensation Plan: Employer Benefits

  • Provides income tax-free death benefit and accumulates tax-deferred cash value for the employer
  • Employer can use accumulated net cash value to pay the deferred compensation (through withdrawals or policy loans)
  • Minimal ERISA requirements (provided only a select group of management or highly-compensated employees are covered)
  • Provides select employees with additional deferral opportunities different from those available to other employees
  • Helps recruit, retain, and reward talented staff
  • Income tax deductions for benefits payment
  • Each agreement can be tailored to an individual employee
  • If the employee leaves, the company can recover the premiums paid by surrendering the policy or can continue to hold the policy