Key Employee Solutions
Every business faces challenges when it comes to recruiting – and keeping – good employees. For small businesses, this challenge is especially acute because there may be one or two employees whose knowledge and skills would be extremely difficult, if not impossible, to replace.
Competitive compensation is about more than a paycheck. It's about the benefits that help your employees now and in the future. Thrivent Financial for Lutherans offers you, as a business owner, a variety of tools to protect your business, provide tax savings, and reward employees who make your business what it is.
Life Insurance Solutions
- Key-person life insurance protects businesses from the potential financial impact of a key person's death through the purchase of life insurance, owned by the employer, on the key employee.
- Deferred compensation or salary continuation provides a valuable benefit to a key employee without increasing that person's current income taxes and offers a strong incentive to stay. Deciding which plan to use depends on the needs of your business and your employees.
- With a Section 162 Bonus Plan, your business pays life insurance premiums on behalf of the employee and adds the amount to his or her W-2 form as "Other Compensation."
- A split-dollar plan allows you and your employee to work as a team to obtain an employee's life insurance. The cash value from the contract grows on a tax-deferred basis and can be used as a retirement fund.
Health Care Solutions
- Major medical insurance for small groups and individuals is available through Thrivent Financial representatives in states where Thrivent Financial has brokerage arrangements.
- Disability income insurance can't reduce the risk of becoming disabled, but it can help ensure your or your employees' needs are met should the unexpected happen. It's also an important element when you're depending on a key employee to help support your business.
- Long-term care insurance can keep care options open and reduce the financial impact that can accompany the need for extended care should an employee experience a disabling accident or chronic illness.
Contact a Thrivent Financial representative to discover how our key-person solutions can help your business.
Thrivent Financial for Lutherans and it respective associates and employees cannot provide legal, accounting, or tax advice or services. Work with your Thrivent Financial representative in collaboration with your attorney and/or tax professional for complete details.
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