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What are some uses of life insurance in compensation planning?
Non-qualified deferred compensation plans: These pay future payments to certain selected employees for work performed now. The idea is to attract and retain employees considered important to the business's success. These are typically funded with life insurance. The payments would typically begin following the employee's retirement and would be taxable to the recipient at that time.
Bonus plans for key employees: These can provide life insurance to the employee as an extra for of compensation. The employee is paid a bonus and uses the money (after paying taxes) to pay for a life insurance policy. The employee has ownership of the policy and can access the cash value or change the beneficiary and the employer receives a tax deduction for the disbursements to the employee.
Supplemental retirement plans for executives: Since tax qualified defined contribution plans restrict the contributions by highly compensated individuals, supplemental plans can augment retirement for the key executives using cash value life insurance.
To answer this question, you need to check with your own health insurance company. Many health insurers do not cover international health coverage.
What is coverage for medical evacuation or repatriation insurance
Medical evacuation benefits provide for transportation to a medical facility that can provide appropriate care in the event of serious injury or sickness that cannot be adequately dealt with at the location where the illness or accident took place.
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What kind of covered or not covered in normal travel insurance pans
There are many variations of travel insurance plans. Some typical insurance coverages include the following:
1. Coverage for vacation and trip cancellation
2. Coverage for travel interruptions, delays and cancellations
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Why I need a trip or travel insurance plan
As we know that The outlay of money for travelling can be quite substantial. You may find yourself facing the loss of more money than you want to lose should unforeseen circumstances arise that make it necessary to cancel or interrupt your trip.
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What is a trip insurance and What is travel insurance
Trip insurance is used to help alleviate some of the financial loss that may be incurred because your trip is interrupted, delayed, or cancelled by unforeseen events.
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