Our agents at New York Life Michigan offer a wide array of services to help business owners address their financial needs at every stage of the business life cycle. Taking into account their personal values and financial goals, they create and execute customized strategies to help entrepreneurs meet their objectives. Some of our agents key services are detailed below.
The success of most businesses is tied into the talent, passion and work ethics of their key executives. Executive benefit packages can help you attract, motivate, and retain high-caliber employees and keep your company healthy and stable. Our agents can help you fund non-qualified plans, supplemental employee retirement plans, split dollar plans, and more.
Selecting the right benefit package is becoming increasingly important in retaining the best employees, and keeping them productive. Our agents strive to know and understand your complete financial situation and provide you with the highest quality of information, products, and services to help you reach your goals. Our clients rest assured knowing that they always have their interests at heart.
Focusing on your objectives, budget and culture, they work with you to custom design funding options for your group benefits, qualified retirement plans, and voluntary benefits plans to address your employees’ unique needs.
Succession planning allows owners to leave their business on their own timeframe while preparing their company to be transferred to family members, key employees, an outside party, or even a charity. This must be done in a way that helps to achieve personal financial security, maintains harmony, and achieves maximum value for the business.
Key Person Insurance
Key person life insurance offers a death benefit that helps indemnify an employer for the loss of one of its most important assets - the key person. This can help assure continuity of the business for employees, customers and creditors, and protects against losses in sales, momentum, and credit. It can also be used to help recruit and develop a replacement for the employee.
Funding Buy-Sell Agreements
A buy–sell agreement is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or leaves the business, whether by force or by choice. A funded cross-purchase buy-sell plan utilizes life insurance to help ensure that the arrangement is properly funded so that there will be money when the event is triggered.
Funding Deferred Compensation
Deferred compensation is a written agreement between an employer and an employee where the employee chooses to have part of his or her compensation withheld by the company, invested on their behalf, and distributed back to them at a pre-determined point in the future. Deferred compensation can be used as a flexible way to attract and incentivize key employees.