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Posted: 1 Sep '20
Did you know that your corporation can purchase a universal life insurance plan? Purchasing universal life insurance through your corporation can build the wealth of your corporation and help you to save on taxes. Here are some ways that business owners can use a universal life insurance policy to fill their life insurance needs and save money on their business. Speak to a Vistaplan advisor today for more information.
When you purchase a corporate universal life insurance plan, you save in a few ways.
With a universal life insurance plan, you have many options available to you to save additional money, keep things in order, and grow your business's finances. You also have the option to make flexible payments. You can pay more in on a good month and make minimum payments on slower months. This is an excellent option for seasonal businesses.
You can completely customize how and to whom the death benefits will be paid. Deposits that add to the value of the death benefit can be taxed at a lower rate than regular income. The policy also allows you access to funds if your business runs into a snag at some point. Another added benefit is that many banks will take the cash portion of the policy as collateral for a loan should you need one.
There are many benefits to adding universal life insurance to your corporation's risk profile. These are the basics; there are many customizable parts to this type of plan. If you think this may be the right type of policy for you, give us a call! Our expert advisors will make sure you get the best policy for your needs.
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David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN