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Tailored executive benefit solutions

Succeeding in the executive benefits market

An executive benefits solution is usually provided when a business wants to reward and retain their top executives, most commonly through nonqualified deferred compensation plans. Life insurance policies are placed on each of the executives, and the business normally owns the policy and pays all or part of the premium.

Bank-owned life insurance (BOLI)

Banks purchase BOLI policies on the lives of their key, highly compensated, actively-at-work executives to recover the cost of providing pre- and post-retirement employee benefits.

Types of cases

  • Typically guaranteed issue (GI)
  • Single-premium Modified Endowment Contract, high persistency
  • Yield driven, long-term arrangements

Credit union-owned life insurance (CUOLI)

Credit unions purchase policies on the lives of their key, highly compensated, actively-at-work executives to recover the cost of providing pre- and post-retirement employee benefits. 

Compass UL II is a single-premium universal life insurance contract designed for the credit union-owned life insurance market. With guaranteed issue underwriting, we can accommodate executive benefits business on any scale

Corporate sponsored individually owned life insurance (CSIOLI)

Employer funded, cash accumulation life insurance policies for highly compensated employees as a source of supplemental retirement income. CSIOLI solutions are ideal for pass-through entities, S corporations, hospitals and attorney groups.  Companies with qualified plan issues (low limits) are also suitable.

Types of cases

  • GI/SI
  • Contribution driven (maximum funded), minimum death benefit
  • Retirement-focused
  • Employer pay all
  • Employer/employee combinations (portable if employee leaves company)

Contact our executive benefits team

Interested in our executive benefits solutions? Contact our team today.

Jennifer Ortale
Jennifer Ortale

National Vice President – Executive Benefits

Ridelle Pechacek
Ridelle Pechacek

Sales Manager - Executive Benefits

Wade Allen bio photo
Wade Allen

Executive Benefits Distribution and Strategy Consultant

Our Guaranteed Issue Program is based on the applicant meeting all the eligibility requirements, and does not guarantee that a policy will be issued.

Guarantees are based on the claims-paying ability of the issuing insurance company.

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions such as surrender charges.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. 

The life insurance death benefit is income tax free to the business if the business, at the time of purchase, had met the requirements of Internal Revenue Code Section 101(j) including providing the insured with advance notice, obtaining the insured's prior consent to be insured, and meeting insured's executive income requirements.

Policy loans and withdrawals may create an adverse tax result in the event of lapse or policy surrender and will reduce both the surrender value and death benefit. Withdrawals may be subject to taxation within the first fifteen years of the contract. You should consult your tax advisor when considering taking a policy loan or withdrawal.

The Policy Design you choose may impact the tax status of your policy. If you pay too much premium your policy could become a modified endowment contract (MEC). Distributions from a MEC may be taxable and if the taxpayer is under the age of 59 ½ may also be subject to an additional 10% penalty tax.

You should consult your tax advisor regarding your own tax situation.

DOFU 2-2022
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